Oireachtas Joint and Select Committees
Wednesday, 22 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. David Begg:
Certainly not the extent of the matters which were that evening discussed. I mean, I was aware, clearly, that there were problems with the liquidity situation, that the European Central Bank had been providing very large levels of liquidity in the Irish situation, that a great deal of money was being taken out of the country by corporates who had usually certain criteria about the credit ratings of institutions in which they can place money. So I mean, I was aware generally speaking that yes, that was happening. A lot of the discussion that took place between ourselves, my delegation and the Minister, was concerned about, sort of, some longer-term strategic issues, pensions being one of them, but also about how you might go about creating some kind of stimulus to the economy with a view to getting people back into employment - you remember that the construction industry, for instance, had been particularly badly hit. I think we had about 286,000 people working in the construction industry and that had really been decimated at that point in time. We were quite anxious to try to get to some point where we could have investment in infrastructure that might, you know, ameliorate the condition in the construction industry particularly. So it was around issues like that. In fact, Senator, I do, actually have a detailed record of that meeting; it just didn't occur to me to bring it with me today.
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