Oireachtas Joint and Select Committees
Thursday, 16 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Bertie Ahern:
That it would ... it was considered that fairly quickly on, we should get stability in interest rate and that it would be lower. I ... at that stage, our interest rates for many years, other than the currency crisis, was 10.75%. In the currency crisis, well, it went to 13.75% and, of course, the overnight went to whatever you like ... it went to all kind of rates - 80%, 90%, 100%. But the view was, as I recall it, that we should come down to around 7%. I don't believe that it was considered back in ... we're talking about '98, you're asking me now ... would it come down to where it did? I don't think ... I think 7% was what was considered.
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