Oireachtas Joint and Select Committees
Wednesday, 17 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. David Doyle:
Yes, the outturn year on year was 12%. For capital expenditure, the recommended increase, from the notes I have, was 9.5%. The outturn was 20% in 2007. In 2008, the recommended current increase was 7% and the outturn was about 10%.
The recommendation on capital was 13%; the outcome was 16%. And there's a consistent pattern, if you look back over the years, of the Department urging moderation in relation to current outlays and the outturn, at the end of the day, being significantly ahead of that. On capital, we were positively disposed, I suppose, towards capital, as I mentioned in my opening remarks, because we had concluded at the end of the '90s that the country had a major infrastructural deficit, that there was an opportunity on the fiscal front because of the improvement that was happening to make significant investments in our capital, motorways and so on, and we felt that that opportunity had to be taken over the decade, early 2002 to 2012, because our feeling was that after that period, demographic pressures would start crowding out investment.
No comments