Oireachtas Joint and Select Committees

Wednesday, 1 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Donal McNally:

Well, I mean, they were highlighted in the budget strategy memorandums, as far as I recall, but it was Government decisions on the level of public spending. We did have a very low debt ratio, I think it fell towards 20%. We also had assets in the National Pension Reserve Fund which, I know, were to be ring-fenced for other purposes but they did reduce the net debt, so I think we thought we were doing as much as we ... as we could.

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