Substantial expansion of staff on supervision and regulation (responding not only to objective assessment against comparators that more staffing was needed but also to public demand that underachievement could not be  1  At the time of the report, only a broad indication of the potential fiscal costs could be attempted, given the unprecedented scale of troubled loans and the fact that so few had yet been worked through (only a handful of NAMA’s loan purchases had been priced), and other complexities.
A wide range of models suggest that, all other things being equal, economic welfare is maximized at inflation rates lower than 2 per cent, but considerable uncertainty still exists regarding how large these gains might be.