Oireachtas Joint and Select Committees

Thursday, 18 December 2014

Committee of Inquiry into the Banking Crisis

Context Phase

1:25 am

Photo of John Paul PhelanJohn Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

I wish to ask Mr. Wright about page 22 of his report. I think the economist in him was coming out when the bar chart was published showing the period 1999-2008, including the June fiscal framework proposal from the Department of Finance and the final actual budget figures announced in December of those particular years. Looking at the differences between the advice offered in June and the final outcome in December, is it fair to say that the Department of Finance's advice was largely ignored? With the exception of 2003 which conveniently enough was just after a general election, is it fair to say that in the other years that advice in June was not replicated in the final outcome when the budget was announced in December?

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