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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-----

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

Pat Rabbitte: No, you've-----

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

Pat Rabbitte: No, you've put it on the record here now-----

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

Pat Rabbitte: -----please permit me to answer it. That was an exchange with Sean O'Rourke about a particular advertisement. I was seeking to explain the issue of child benefit and why we pledged to hold it at what it was and why, in the circumstances, we had to make a modest cut in it. And he said, ''You didn't explain any of that at the time, you just kept it simple'', and I said, ''Yes, isn't that...

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

Pat Rabbitte: No, it was not our approach to go for the cut taxes and cut public spending. I mean, the revenues on the basis of the expert advice available to us suggested that we would have a cake that was large enough to do certain things that we wanted to do. And we didn't resile, in any way, in the discussions with Fine Gael in respect of the things that we wanted to do, for example, in relation to...

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

Pat Rabbitte: Well, first of all, I don't believe that's the case and, secondly, you are putting words in my mouth that I never said.

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

Pat Rabbitte: My-----

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

Pat Rabbitte: Yes but I'm telling you that the premise of your question is wrong.

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