Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

Well, we had indicated ... we'd already taken out I think it was about €11.6 billion in the funding gap and we were then saying there was another €15 billion over the next four years which would involve, in the first year, a 40% adjustment of €6 billion ... €6 billion for 2011. So we would, if you like, have ... I think ... sorry I'm getting my figures wrong, I think between ... my apologies, between 2011 and what we'd done since 2008, the correction was about €20 billion of the €30 billion journey that had to be travelled to get us back into a position of balance as far as the Stability and Growth Pact was concerned.

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