I'm flabbergasted at the admission from the Economic and Social Research Institute that they could have done a better job on forecasting the Irish collapse.

Talking on RTE Thursday, Professor Frances Ruane says the agency "could have done better."

She says a "lack of expertise" in macro-economics, particularly banking, impaired the ESRI's ability to forecast the banking crisis.

She said the so-called independent think tank over-relied on information from the Central Bank and Financial Regulator.

What's all that about?

An "independent" group should have known better than to rely on information from organizations like the Central Bank with its obvious interest in maintaining the Celtic Tiger myth.

By 2004, it was obvious that the "boom" in Ireland had little to do with the "real economy" and more to do with cheap loans and dodgy building deals.

At least it was clear to those of us living outside the country and insulated against the Celtic Tiger propaganda.

It's all well and good to say sorry, as the ESRI has, but I think the whole lot of them should resign.