Oireachtas Joint and Select Committees

Thursday, 10 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Marco Buti:

I think the ... I would not, let's say, change in any fundamental way the basics of the programme. I think what we had ... we were confronted with at the time was a crisis which was not only a banking crisis. It was a crisis of, let’s say, systemic nature and also a fiscal crisis. So I think the axis of the programme which was, on the one hand, to cure the banking system, to deal with the unsustainable public finances when the true state of the public finances came to the fore with the crisis ... and the overall rebalancing of the Irish growth model I think was the right one. Now, if I take what we could have done better I think we ... as I said, we largely succeeded in, I’d say, very difficult circumstances to reduce the burden on the less well off. With this taken into account, I think we could have done more on that from what we know now in terms of the social consequences. The social consequences, I think, were ... tackled and reduced but we could have had a system which would protect probably even more.

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