Oireachtas Joint and Select Committees
Wednesday, 10 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Tom O'Connell:
No. I ... I wouldn't regard it as a financial stability issue. I mean, if consumption falls away, you know, VAT and excise duty will fall away, as they do from time to time, so, I mean, it might have had a effect. Unless you got a massive collapse in the construction sector, as we had ... that did have a big effect. But if construction were to fall back from say, one in seven in the economy being employed to one in eight, it wasn't going to be a big issue, you know. You may as well, sort of, look at other tax headings and ask "If something were to happen there [you know] should we look into that carefully?"
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