Michael McGrath
Question:75. Deputy Michael McGrath asked the Minister for Finance the value of the Rainy-Day Fund; if there is consideration to avail of the resource; and if he will make a statement on the matter. [10319/20]
View answerTuesday, 9 June 2020
Questions (75)
Written answers
The value of the National Surplus (Exceptional Contingencies) Reserve Fund (“the Rainy Day Fund”) as at 30 May was €1.5bn.
Given the scale of the impact on the economy of COVID-19 the Taoiseach has stated previously that the Rainy Day Fund (RDF) will be accessed as part of the Government’s response to the pandemic. The Stability Programme Update published in April set out that the Rainy Day Fund will be drawn down during the course of 2020. The exact timing of this drawdown remains to be decided as recent successful debt issuances by the National Treasury Management Agency means there is no immediate need for its drawdown.
When the drawdown of the Rainy Day Fund occurs, it will be to mitigate the occurrence of the exceptional circumstances arising from COVID-19 and it will be in accordance with section 9 of the National Surplus (Exceptional Contingencies) Reserve Fund Act 2019.