John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Okay. In November 2000 your own officials, according to a memo revealed to The Irish Timeson 6 May 2002, stated the following about the scheme, and I want to quite it directly, "Given the uncertain effectiveness of tax incentives for savings, the potential cost and significant deadweight, the provision of tax relief for capital investment in medium-term savings schemes is not recommended." Now, that's a very strong statement from your officials at the time. Why ... why, on the basis of what you've said here to us today that there was no analysis carried out, did you ignore that advice from the officials?