Oireachtas Joint and Select Committees
Wednesday, 15 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Dermot McCarthy:
I think there was some element of the inflation profile which derived from that and there was certainly discussion ... the official side would have been anxious that in so far as inflation was explicitly referenced, that it should be the harmonised index of consumer prices, rather than the CPI because that didn't include mortgage-related expenses. That wasn't acceptable to the union side and the employers had to formulate their offers in that context.
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