Dáil Éireann Debate, Thursday - 16 May 2019
49. Deputy Michael McGrath asked the Minister for Finance when he expects Report Stage of the National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018 to be held in Dáil Éireann; the timeline for enacting the legislation; the estimated time it will take to establish the fund once legislation is passed; and if he will make a statement on the matter. [21332/19]
View answerAs the Deputy will be aware Report Stage of the National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018 had originally been scheduled for Tuesday 16 April. Due to the time given to debating other matters on the evening concerned it was not reached. The re-scheduling of Report Stage is a matter for final agreement between the Party Whips but my Private Office has received preliminary indications that it will be taken before the end of May, subject to the publication of the exact Order of Business for the week concerned.
Subject to agreement between the Whips it is the Government’s intention to complete the Bill’s passage through the Oireachtas before the summer recess and to have the President sign it into law as soon as possible thereafter.
While there is currently no timetable for the first payments into the fund (€1.5 billion transfer from the Ireland Strategic Investment Fund and first €500 million annual transfer from the Exchequer), profiled Exchequer transfers generally take place towards the end of the year, therefore it would be envisioned that, subject to the legislation being enacted in 2019, the first payments would take place toward the end of 2019.
