Wealthy clients of Davy Stockbrokers attending its traditional post-budget meeting said they were "shellshocked" by the planned austerity facing Ireland.

"What was striking was that unlike every other year there was no 'top tip' idea to preserve income," said one of the 100 clients attending the annual event last Wednesday morning.

"It is the first year I can recall that there were no 'buy' ideas. The private clients were shellshocked."

Questions were asked about fears for the euro but Davy's Robbie Kelleher and Brian Walsh said they did not expect the euro to fall apart.

The presentation, which focused on changes to private pensions, was praised for its "stark" analysis.

It said that "the elephant in the room" was that in the 1980s, bank and private debt combined totalled 50% of GDP.

"Now it is close to 200% of GDP," the audience was told.