Oireachtas Joint and Select Committees

Wednesday, 17 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Tom Considine:

Well, first of all I think in '05, I mentioned in my witness statement that by the 2004 budget there was serious concern throughout the spending Departments that what we were doing was really depressing spending. There's a figure which I took from ... a memorandum for Government that the view was that the base was €2.1 billion too low, right? So, when we came in to preparing the 2005 budget then, the economy had picked up and the case, it became increasingly difficult to actually keep the same pressure on. So the decision, and I know you're trying to figure out, this wasn't anything to do with changes of Ministers, this had happened-----

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