Oireachtas Joint and Select Committees

Wednesday, 17 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. David Doyle:

The Department and the Government of the day would have been looking at what the net debt position was. And net Government debt had fallen, as proportion of ... of output, to about 25% by the end of 2006 and the cash reserves and the National Pensions Reserve Fund were significant. So the debt was ... the true debt was about half that. The general Government surplus in 2006 was €5 billion or 3% of output. If the ... your hypothesis that the Government wasn't concerned about-----

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