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Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: Well then, explain to me, why did you, up ... in those years prior to the general election in '07 ... '05 and '06 and '07 budgets, why did you increase spending by such an exponential rate-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: -----above growth? Above growth?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: Can I move on?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: Mr. Cowen-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: Mr. Cowen-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: -----if you were ... if you had it back again ... and you were back as Minister of Finance in '04 to '07 period, what would you have done differently-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: -----on the budgets?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: Mr. Cowen-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: -----I'm ... my time is virtually up.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: Just one small point. What do you say, Mr. Cowen, to the young people out there that bought houses during that period with mortgages based on encouraging ... with massive increase in the number of houses being built, there's now a negative equity, in some cases they've lost their homes ... what do you say to those people now during your tenure as Minister for Finance? What apologies-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: I never said I had.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: Can I just ... the Financial Regulator, Brian Patterson, former Financial Regulator ... he's in your time and he was in before us and he reported-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: He was chairman, sorry. Chairman, rather. Apologies. He said that only the Finance Minister could set goals and objectives of ... for the chair. Did you ever set goals and objectives for the Financial Regulator ... the chair of the Financial Regulator, the board?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: Mr. Cowen, he said as well that ... that you had semi-annual meetings between yourself and the chair and the CEO, Mr. Neary, of the Financial Regulator. And that apart from the credit union issues, no prudential issues with the retail banks were ever discussed, no requests for more information about prudential issues were made ... were made by you, as Minister. Can you elaborate and explain...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: But-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: Was it just coming from one direction, in terms of-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: Minister-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: Can I ask you a final question?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: You had the Department of Finance, because David Doyle has said in the briefing note that he was explaining that there was major overheating in terms of unsustainable taxes in the property sector. The Financial Regulator were regulating the banks. In your role as Minister for Finance, did you not think it incumbent upon you to bring it up with the Financial Regulator that there was concerns...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Kieran O'Donnell: Can I ask another question?

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