Brendan Burgess
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Brendan
Brendan
Bertie Ahern at the Banking Inquiry - just started
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Brendan Burgess
Founder
- Messages
- 52,478
Brendan Burgess
Founder
- Messages
- 52,478
A lot of progress made while I was Minister for Finance and Taoiseach
Unemployment fell from 10.3% to 4.3%
The overall fiscal position was managed in a very responsible and conservative way.
Current expenditure fell from 36% to 33% of GNP.
The Debt to GDP ratio fell from 63.6% in 1997 to 25.1% in 2006
We got expert advice from at home and abroad. NESC, ESRI, Central Bank and ForFas
Pre budget submissions
We need to counteract the narrative which has developed since 2008
The crash was not foreseen by the ImF - In 2007, they were forecasting that we would grow by 3% in real terms.
This is the type of information which was available to decision makers.
There were strains. For example, the reliance on property.
The ESRI were concerned about global economic unbalances which is what subsequently transpired. Even if this happened, GDP would still grow by 3% and unemployment would rise by 7%.
It's not my purpose to critique these organisations.
The overwhelming consensus was that the economy was moving in the right direction.
During my period, Ireland caught up with and surpassed average EU living standards.
Hundreds of thousands were lifted out of poverty.
Good social progress.
Despite the recession, much of the progress is still there. We have better and safer roads. Fatima mansions and Ballymun were redeveloped. We have trains.
We had budget surpluses in 10 out of 11 budgets.
in 1997 20% of tax was used to pay debt, by 2007 it was reduced to 4%
We put €20 billion into the National Pension Reserve Fund.
It is true - we had warnings about over reliance on property.
We reduced tax incentives for property except hospitals.
Our stamp duty was the highest in the European Union. Despite calls to reduce it.
I wish this didn't happen. I made mistakes. But so has everyone else. I did try my best . Of course I apologise for my mistakes but I am pleased I got so much right.
I respect the work done by my successors Cowen and Lenihan and the current government.
Unemployment fell from 10.3% to 4.3%
The overall fiscal position was managed in a very responsible and conservative way.
Current expenditure fell from 36% to 33% of GNP.
The Debt to GDP ratio fell from 63.6% in 1997 to 25.1% in 2006
We got expert advice from at home and abroad. NESC, ESRI, Central Bank and ForFas
Pre budget submissions
We need to counteract the narrative which has developed since 2008
The crash was not foreseen by the ImF - In 2007, they were forecasting that we would grow by 3% in real terms.
This is the type of information which was available to decision makers.
There were strains. For example, the reliance on property.
The ESRI were concerned about global economic unbalances which is what subsequently transpired. Even if this happened, GDP would still grow by 3% and unemployment would rise by 7%.
It's not my purpose to critique these organisations.
The overwhelming consensus was that the economy was moving in the right direction.
During my period, Ireland caught up with and surpassed average EU living standards.
Hundreds of thousands were lifted out of poverty.
Good social progress.
Despite the recession, much of the progress is still there. We have better and safer roads. Fatima mansions and Ballymun were redeveloped. We have trains.
We had budget surpluses in 10 out of 11 budgets.
in 1997 20% of tax was used to pay debt, by 2007 it was reduced to 4%
We put €20 billion into the National Pension Reserve Fund.
It is true - we had warnings about over reliance on property.
We reduced tax incentives for property except hospitals.
Our stamp duty was the highest in the European Union. Despite calls to reduce it.
I wish this didn't happen. I made mistakes. But so has everyone else. I did try my best . Of course I apologise for my mistakes but I am pleased I got so much right.
I respect the work done by my successors Cowen and Lenihan and the current government.
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