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Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: Do you recall meeting them as individuals?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: Okay, I'm sorry.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: That's ... that's what I'm saying, Mr. McCreevy, that is the Department record and I'm asking you ... it doesn't say that they ... that they came in a delegation. They are in the diary as one ... or you know ... by themselves. Why would you have been meeting those people-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: -----in your office, as Minister for Finance?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: No, no, this is over the whole year between January to December.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: 2003.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: You don't know?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: Of course.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: Mr. McCreevy how long were you the Minister for Finance for?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: Okay, so do you think that you - obviously in that time as you've said you met a lot of people both in the property sector and the banking sector and so on - did you use your knowledge and your contacts and your connections at that time to apply for and receive the €1.6 million loan that you got from INBS in 2006?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: Well in fairness ... that ... the reason I ask the question was that it was reported that the loan had been 100% plus and that INBS's loans didn't have that regulation at the time. Otherwise, in fairness, we wouldn't be interested in-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: -----whether you'd borrowed the money.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: We are talking about the closeness between banks and-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: Thank you. In relation to the cost of tax expenditures, and I know you've discussed this with other members, according to the OECD, by 2005 the cost of tax expenditures had become larger than the remaining income tax receipts. This is in the Regling and Watson report, page 27:As a percentage of total tax revenue, tax expenditures in Ireland are more than three times larger than on average...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: Mr. McCreevy, I asked you a question-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: With respect, Chair, from the OECD, it's not Senator O'Keeffe saying this.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: I'm quoting to you from the OECD and their observations and I would add that the Indecon-Goodbody report that was done put a cost of €6.8 billion-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: So I'm saying to you-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Susan O'Keeffe: So just finally-----

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