Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Bertie Ahern:

Yes, unfortunately, we did return to a lot of the issues that were there. Unemployment ... but thankfully we didn't go back to where we're going. We're back at 9% now and in fairness to the current Government, this year's current budget deficit will be down to 2.5%. It's going to take us a while to get the debt-GDP ratio down. But, Deputy, I have to say if the corrective action over many, many years was not taken to decrease what was a very, very high debt, we would have been in a really difficult position. I do accept that some of the very good indicators that I'd worked most of my political life to achieve were badly reversed. I accept that.