Oireachtas Joint and Select Committees

Tuesday, 23 October 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Report on Local Public Banking: Discussion

1:30 pm

Mr. Seamus Maye:

The Deputy asked if there was political capture, as well as regulatory capture. The answer is, "of course." We would not have had the banking crash or an orgy of credit ten years ago if the body politic had not been captured, as well as the regulatory body. This cannot go ahead without political input. Politicians must separate themselves from the Department and the Central Bank.

I take the opportunity to give one example of the indigenous economy. It relates to the agri-sector, in particular the beef sector. We produced a report recently, in which there is a section on the fifth quarter. I do not know if anybody knows about the fifth quarter, but it is the waste product from cattle - the intestines, bones, ears and head.

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