Oireachtas Joint and Select Committees
Wednesday, 1 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Donal McNally:
At the moment, I think we still are trying to make the 3% deficit, so a surplus may be a bit off. But I would think that the main recommendation of the Department would be to use the surplus to run down the debt as that's a burden on the people, which, you know, if interest rates rise will be ... will absorb more of the tax revenue. That's what I would imagine; I haven't asked in the Department what the priority is, but that would be my sense of it. That's what I would be recommending anyway, to use the resources to get down the debt or to find some way of minimising the debt.
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