The Public Accounts Committee has heard an appeal to "bulletproof" the economy as the "era of free money" comes to an end with rising interest rates internationally.
John Hogan, Secretary General at the Department of Finance, said that "what might have been described as the era of free, or more than free, money is very much coming to an end."
"The very benign environment [...] on bond yields [...] is begining to come to an end", he added. "The direction of travel is very clear".
He was responding to Fianna Fáil's James O'Connor who warned that the Irish economy is "extraordinarily exposed", and urged the department take steps to "bulletproof" the economy as much as possible.
"We are probably living in a more shock-prone world", the department's Chief Economist John McCarthy acknowledged.
Mr Hogan said that the National Treasury Management Agency has conducted "a significant re-profiling and elongating of our debt" which has "put us in a good position".
In "the near- and middle-term, I think we're generally well placed to deal with the issues that are now arising", he said.
As the country faces into "very uncertain economic times", Mr O'Connor warned of a possible drop in corporation tax, and knock-on effects.
