Noonan: Kelly claims must be taken ‘seriously’
The Minister for Finance Michael Noonan has said the Central Bank should contact UCD economist Morgan Kelly to discuss his predictions of a 'meltdown' for SMEs.
The academic has predicted that a series of firms will collapse later this year when the banks reappraise their loans as part of ECB stress tests.
Speaking in Brussels this evening, Minister Noonan said the UCD economist has a good track record of foreseeing problems where others have not.
He added it might be helpful if the Central Bank contacts Professor Kelly to look into his prediction.