Oireachtas Joint and Select Committees
Wednesday, 8 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Brian Cowen:
It was drawn up ... it was drawn up within our own system. The €15 billion would be made up of €10 billion of expenditure savings and €5 billion tax changes ... tax revenue raising ... 2:1, in other words. And the reason why that was being done ... we saw it that way at the time because we were told that was the best way of trying to maintain the maximum employment as you were making this adjustment ... that you'd keep ... taxation would be a lesser component of the adjustment than ... than ... than spend, or less spend in this case. So it wasn't going to be easy but it would ... and then we outlined, you know, where the main drivers were ... the main drivers of expenditure were. It was in public pay and pensions, it was in-----
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