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Dáil Éireann Debate, Tuesday - 9 July 2019

Tuesday, 9 July 2019

Questions (174)

Michael McGrath


174. Deputy Michael McGrath asked the Minister for Finance if the indicative nominal budgetary package figure for 2020 of €2.8 billion is after the transfer of €500 million to the rainy day fund; if the €500 million must not come out of the unallocated figure; if the treatment is consistent for 2021 to 2024; and if he will make a statement on the matter. [29859/19]

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Written answers (Question to Finance)

I can advise the Deputy that the anticipated transfer of €500 million to the Rainy Day Fund (RDF) will not impact on the indicative nominal budgetary package of €2.8 billion for 2020 set out in the Summer Economic Statement (i.e. the proposed budgetary package is net of this payment) . 

It is important to point out that transferring money to the RDF will not be considered general government expenditure, as the payment to the RDF is a flow within the general government sector. While this expenditure is a non-voted capital payment impacting upon the Exchequer balance, it does not affect the headline general government balance. This treatment will be consistent over the forecast horizon.