Oireachtas Joint and Select Committees
Wednesday, 17 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Tom Considine:
Well, I mean if you take ... I mean the diagram speaks for itself. I mean ... but, in reading it, you have to take into account both the domestic and international background. So, I'll say, if you look at 2001 and, in particular there ... I mean, that was, you know, associated with a big downturn in the international economy and, you know, so, it doesn't happen in isolation. If you then take the years 2003-2004, as a consequence of, you know, what had happened previously, there was a greater buy-in to trying to, you know, get things back on track. And you can see there that the advice given by the Minister for Finance, in the middle of the year, stuck to a much greater extent than it virtually did any other time, except with the exception of 2008 there, I'd say. So ... and I have explained, I think, already that in the case of 2005, the pressures were building up in the system, a bit like a pressure cooker. And the ability of the political system to hold the line when the economy is seen to be improving ... see, the ... the argument for ... for holding back was a weaker economy in 2003 and 2004, but that was gone by ... by-----
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