Dáil Éireann Debate, Tuesday - 21 March 2023
319. Deputy Thomas Pringle asked the Minister for Finance if he will consider releasing funds from the national reserve fund to alleviate the capital funding pressures which are now delaying NDP delivery; and if he will make a statement on the matter. [12956/23]
View answerMatters relating to all aspects of the implementation of the National Development Plan are a matter for my colleague Mr. Pascal Donohoe TD, Minister for Public Expenditure, National Development Plan Delivery and Reform.
Following Dáil approval to transfer €2 billion in 2022 and €4 billion in 2023, which happened in November 2022 and February 2023, respectively, the National Reserve Fund currently has a balance of €6 billion. Any future transfers to the Fund or drawdowns from it will be decided as part of annual budgetary processes in the years concerned.
Section 9 (2) of the National Surplus (Reserve Fund for Exceptional Contingencies) Act 2019 which is the statutory basis of the National Reserve Fund sets out the circumstances under which the Fund can be drawn down as being to:
a. remedy or mitigate the occurrence in the State of exceptional circumstances;
b. prevent potential serious damage to the financial system in the State and ensure the continued stability of that system; or
c. support major structural reforms which have direct long-term positive budgetary effects within the meaning of Article 5 of Council Regulation (EC) No. 1466 of 1997 as amended by Regulation (EU) No. 1175 of 2011.
