Technically, that's how it happened but Molloy was the man that broke the unions. For weeks the men chanted "we're not going back" to no avail, he told them to please themselves and they eventually returned with no concessions.
As the founder of Dublin Taxi Cosies Association I met Minister Molloy around that time. He sat between two officials, one private and one Dept who answered every question we posed between them. He only spoke himself to exchange greetings and pleasantries and, at the end off the meeting, to suggest that "it mightn't be as bad as you think lads". To be fair, he wasn't wrong. Trade improved steadily year on year for 8 years... until recession hit. Also, pre deregulation plate owners were allowed write off the purchase price of their plates against income tax - over 8 years, if memory serves.