In the 1991 to 1994 period the main growth area in expenditure were salaries and benefits and current transfers or simply – recurrent expenditure which were financed by substantial amounts of domestic debt. In the 2000’s, there was restraint on public sector salaries and current transfers, especially in 2003, although revenue had already increased substantially.
We will all need to accelerate our own pace of change to meet the challenges and the community’s expectations, not least at the Central Bank of Ireland. It is a future of complexity and uncertainty but also of opportunity. At the end of last year, we at the Central Bank published our new strategy.