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-----

Comments

No comments

Log in or join to post a public comment.