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Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: I have November listed.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: Sure.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: Did you feel your intervention made any difference?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: Thanks, Chair. Mr. Moran, do you invite your staff to call you "Derek" or do they call you "Secretary General"?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: Okay. All right. In your statement on page 3, you say that the Department had concerns with the tools used by the Commission for measuring the cyclical stance of the budget, seeing them as inadequate. Can you tell us over what period of time did you have those concerns and if you felt, therefore, that they were inadequate, what did you do about it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: Just to be-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: So it's a work in progress.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: Can you just be clear, though, over what period did you ... were they just when you arrived in that job or had those concerns been there? Like, what period of time are we talking about? Can you say? Or was it always this ad infinitum?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: Given those concerns, how ... why were you happy with the effectively prudent assessment that you mentioned in your statement, if then there were inadequacies?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: But you did ... you did ... they were "effectively prudent".

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: Okay ... when I think ... Deputy O'Donnell has already quoted this. On page 7 of your own statement, ''The Department had concluded that reliance on construction was becoming one of the biggest risks to economic development especially where some external shock might interact with and affect the construction sector." Now we heard from Tom Considine yesterday, who took some pains to explain...

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: One last question, Chair ... again Mr. Considine when asked yesterday, we were talking about the tax breaks, the property tax breaks and he said I don't see how you could have tax incentives that wouldn't benefit high net worth individuals. We were talking about the outcome of the Goodbody report, and you've mentioned the Indecon Goodbody report. Was that ... is that your understanding?...

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: Yes, I appreciate that, although they were extended.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: The question was did you know?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: But to that extent, to the €6.3 billion extent?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: That was the amount that Indecon found that those tax breaks had ... the cost to the Exchequer was €6.3 billion.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Susan O'Keeffe: Okay. Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Susan O'Keeffe: Thanks, Chair. Mr. Considine, did you ever, in your ... in the public arena, ever have cause to criticise any colleagues or people working in the Department of Finance or the Central Bank, or any other organisation? Did you ever offer criticism in the public arena?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Susan O'Keeffe: No. Do you accept, or not, that the Irish economy overheated quite dramatically during your tenure as Secretary General of the Department of Finance?

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