Oireachtas Joint and Select Committees

Wednesday, 17 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Susan O'KeeffeSusan O'Keeffe (Labour) | Oireachtas source

Perhaps we can ask them when they come in.

In relation, going back to 2008 if I may, in the summer of 2008, you will recall in July that you were looking, obviously the Department was looking at the budget situation and it was predicted at that point in July that there would be a shortfall perhaps of about €3 billion. And by the time early September came, that had moved on to €5 billion. In fact, in your own ... in the documents, it was already declared that there was a recession in the country, and that by the end of September there was, the shortfall looked like it was perhaps close to €6 billion. So obviously there was a lot of concern behind the scenes. Yet in that documentation relating to the budgetary consolidation, there is no mention anywhere of the banks and what was happening with the banks. Was there a parallel universe there where budget and constraints and expenditure and so on was here, and over here you had "bank mess", for want of a better word? And if so, why was that?

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