Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

Well, as I say, it was a discussion about where people felt the economy was at that point and what their view on it was. Certainly we were facing into economic ... serious economic challenges, there's no doubt. We had come off ten years of consistent growth and now, as has been said, we had two successive quarters in recession, so we were now officially in recession. And I was basically wondering, apart from just a public finance response that would emanate from that, were there other things that we could be doing that might be helpful to deal with the rising unemployment and things like that. So it was that sort of ... to find out had people ideas about we might come through what was coming up economically.