Oireachtas Joint and Select Committees
Wednesday, 1 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Charlie McCreevy:
I don't believe we got the 2002 budget wrong, but I'm saying that it means it was fairly obvious later in the year of 2003 that we had to cut our cloth according to our then new measure. The barrier the whole time that I used, for what it's worth, was the total trying to balance the budget - that we wouldn't run a deficit. That was the barrier. It's very hard to do anything else and that was a fair barrier to try and keep up the whole time. So, therefore, it was obvious that from 2003 that there ... the tax that we were expecting to ... we were judging to come in, wasn't going to be anything like the previous years.
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