Thursday, 25 October 2018

Questions (83)

Jonathan O'Brien

Question:

83. Deputy Jonathan O'Brien asked the Minister for Finance the relationship between the withdrawal of funds from the rainy day fund and the EU fiscal rules under the Stability and Growth Pact; and if he will make a statement on the matter. [43898/18]

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Written answers (Question to Finance)

The Fiscal Responsibility Act 2012 imposes a duty on the Government to endeavour to comply with the fiscal rules. The National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018, which was approved by Government this week and will be published in a matter of days, does not amend or change this obligation. In setting out the circumstances for drawing down funds from the Rainy Day Fund - which will formally be known as the National Surplus (Exceptional Contingencies) Reserve Fund - I have been careful to make a clear link with the existence of "exceptional circumstances" within the meaning of the Stability and Growth Pact. I look forward to presenting and debating the detail of the Bill at second stage in the Dáil in the coming weeks.