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Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: Well, I think the substance of the budget is reflected in the Finance Bill and it is in the amendments travelled to the Finance Bill that is the evidence of that and our main evidence in that regard would be attempting to take on the incentives and the reliefs that were there.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: No, it's not at all. There is a book of amendments travelled in those years to the Finance Bill.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: But I am being specific.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: Yes. We fought a number of the spending decisions of that time. For example, I was very prominent myself, almost alone in the Dáil, in terms of the Bertie bowl-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: ------which was a huge expenditure issue.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: Sorry?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: Well, an enormous amount-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: I don't remember the years, Senator.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: There were several years successively-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: And a very ... from about 2001, in particular.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: From about 2001 to-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: From about 2001-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: From about 2001 to 2007, we would have argued for constraints in terms of the moneys lost to the Exchequer in respect of the various tax incentives and tax shelters and tax reliefs that were there. We would have opposed some of the vanity projects like e-voting and the Bertie bowl and PPARS and those ... and you know, we were careful in terms of the budget proposals that we advanced that...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: It's very relevant to this question. The five-year construction of our plan was based on 4.5% growth per annum, which from memory, would have produced additional revenues to the Exchequer of in excess of €11 billion. So if you take the growth rate, provide for inflation, take the add on of what, 2%, it would be at least half that again. So they were the revenues that we thought,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: In some cases.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: But you did get the answer.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: You mightn't have got the answer you wanted but-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: -----don't confuse that with not getting the answer.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: Okay-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pat Rabbitte: Well firstly, Deputy, that's a misrepresentation of what I said and what some of my colleagues take great pleasure in misrepresenting. That was an exchange with-----

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