Oireachtas Joint and Select Committees

Wednesday, 10 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Tom O'Connell:

Yes, well, the 30%, I think, probably came later, Deputy. But, no, well, I think at the time things like VAT, you know, VAT on construction ... that wouldn't have been separated out, so people wouldn't have known that. Now, we did a few studies late in the day, I think, admittedly, maybe around 2006-2007, trying to focus in on the ... the property-related taxes. The main one, I think, was the stamp duty, you know. But you'd have to go behind the whole picture to get the VAT thing and that certainly wasn't upfront at the time. But, yes, we were informally well aware, of course, that ... I mean, the construction sector - I think as maybe the Chairman was saying earlier on - directly employed one in seven in the economy. If you take a broader view, you-----

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