Oireachtas Joint and Select Committees

Wednesday, 17 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Tom Considine:

Well, as I said, in 2003 which was, you know ... the 2003 budget was my first budget and it was an extremely tight budget. I am not claiming that, you know ... it was as much to do with the fact that we were coming out of a downturn, which ... and that there was an expenditure momentum in the system which it was necessary to counteract. And that required some pretty harsh expenditure cuts, and, indeed, the whole budget was pretty tough so ... and 2004 is much the same except on the graph it does not look as bad but it probably was even worse.

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