Mr. Charlie McCreevy:

No but I was proved right as to what would happen. Just a second now ... if you look at that particular budget, my officials insisted that I would put in a figure that the cost to the Exchequer would be €19 million. I said in the Dáil during a PQ subsequently - I didn't believe a word of it - but I put it in for good prudence because I knew from my own experience down through the years a rate of 40% capital gains tax - and it was higher in other years - that it was stifling a lot of people doing anything and that if we reduced the rate, a lot of people would sell everything from shares to property, etc., and we'd get a gigantic amount of money. My officials did not believe that but I did and we did it and I was proved correct.