Oireachtas Joint and Select Committees

Wednesday, 24 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

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

-----the page itself, so it's DOF01B06, but it's a meeting with David Doyle, former Secretary General, and there's an outline of issues here. It's the third bullet down, which says:

The pace of economic activity was strong [from] 2001-2006 but the Department did not believe that this could continue. In2005/6 the Minister was advised that the country was depending on unsustainable tax revenues that the economy had been dramatically over-heated and that problems would emerge which would be due to domestic policies and that a more sustainable fiscal position had to be maintained. A presentation to this effect was made to [the] Secretaries General.

Now, in that regard, that's ... the big hidden message there, the country is very, very exposed in a lot of different ways and there is significant trouble pending ahead. Can I ask you how robustly was the Minister challenged on the tax and spending policies implemented in that period by you, your officials and your Department, given that this was the summary and aggregates position of the Irish economy at that time?

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