Oireachtas Joint and Select Committees

Thursday, 18 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

-----to economists, to the Central Bank, to the Department of Finance, to Government of the day and everybody else. So, it's not a case of, "Well, we know this now, we didn't know that back then", it was known back then. And this would show that there was 24% of the Irish economy in construction. It would show that if there was to be a slowdown there, that there was a relationship between employment and construction. It would show that there was a lot of the taxes that were coming in were based upon consumer or consumption taxes instead of what might be considered a real economy and so forth. And at any time, was there an advice from you as part of your role in the Department of Finance to say, "That we need to kind of slow this down, we need to cool it down, that there's a lot of concentration going on here and that there may be a cliff that we could be going over if we don't pull ourselves back from the exposures that we have at present?"

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