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Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: We are in a conversation with these very kind visitors. The conversations cannot all go on one side.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: I know you could.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: I am going to ask the question when I have had the opportunity to lay out the tray. A recent Harvard advanced management programme was addressed by top-tier people including myself, Mr. Barry O’Leary from the IDA, Mr. John Herlihy from Google, and Mr. Austin Hughes from KBC Bank. I made my short presentation honestly and there were no holds barred, no holds that I was afraid to go...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: Are they aware what 2.5% on the last corporate tax returns would raise for the economy?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: It would raise almost €700 million.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: Of course, the Department of Finance provided a caveat-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: Excuse me, Chairman. They provided the caveat that these could have other internal repercussions - the sort mentioned earlier - and one does not know which way the balls will go. I do not believe that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: These 24 visitors did not even blink.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: Sorry, I did not hear the Vice Chairman. I beg his pardon.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: Does Professor McHale agree?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: Realism. I am not afraid. If I was afraid, I would not be saying this. However, everybody else is afraid and that is why, as I stated, they walk on eggshells when the eggshells are well and truly broken

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: That is a necessary good. Does Professor McHale know why? It is because all the bank debt is now national debt and the creditworthiness of the nation is-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: What is the validity of the debt?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: No; it is a truthful question. Since it was legal for people to own slaves in the Congo, they could argue that it was right to have and crush slaves. The debt has no validity.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: That is when one pushes the plunger on the dynamite of the euro system.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: Including household and corporate debt raises it even higher.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: The Vice Chairman might be next.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: I appreciate the kindness of the Vice Chairman in letting me ask one or two questions. On debt sustainability, I know the focus has been on sovereign debt. However, Ireland is the country which has been most crushed and burdened by debt, even more so than Japan. The paper produced by the Bank for International Settlement economists for a conference in Wyoming in the United States in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: This is very simple, although nobody is saying it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council (27 Sep 2012)

Peter Mathews: The Chair should gag me the next time.

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