Oireachtas Joint and Select Committees

Wednesday, 17 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. David Doyle:

Well, your recession could be X quarters with a negative growth. What I'm saying is, if you look at, at what was ... what the debt position was, it was one of the lowest in Europe, at 25% of output. That was the general government debt, and the surplus ... there was a surplus of €5 billion, 3%. There's that point of view, that the Government came into the 2007-8 period from a position of recent financial strength. So there, there was no evidence that ... at that time, that you were facing a major-----

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