Oireachtas Joint and Select Committees

Wednesday, 24 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. John McCarthy:

I think, Deputy, this is a very, very pertinent question. Because if you look back, not just in real time - in other words in 2003, looking at the position in 2003 - but if you look now, going back, and I've spoken a bit at a Bruegel conference at the tail-end of last year, it shows that we were compliant with the requirements of the preventive arm of the Stability and Growth Pact. We were running, I think it's every year, bar one, structural surpluses. So, we were overachieving our medium-term budgetary objective. So there was no-----

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