On the upside, there may be stronger than anticipated effects stemming from the extensive macroeconomic stimulus being provided and from other policy measures taken. Confidence may also improve further and foreign trade may recover more strongly than projected.
In this context you will have noticed the recent CSO data indicating that average hourly earnings for the 84,000 people working in the financial sector (broadly defined) in Ireland fell by 12 per cent between the second quarter of 2008 and the second quarter of 2009.