Thursday, 22 February 2018

Ceisteanna (59)

Thomas P. Broughan

Ceist:

59. Deputy Thomas P. Broughan asked the Minister for Finance his views on deposit and withdrawal mechanisms if the Government proceeds to establish a rainy day fund. [9137/18]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

As the Deputy will recall, on 31 January last I appeared before the Oireachtas Budgetary Oversight Committee to discuss the proposal to establish a Rainy Day Fund.

That engagement was part of the consultation between my Department and the Oireachtas, following the publication of my Department’s Rainy Day Fund consultation paper along with Budget 2018 last October. At the hearing on 31 January, I outlined the rationale for establishing the Rainy Day Fund, the key design concepts in terms of size, deposits, withdrawals and replenishment; and considerations regarding issues such as the State’s debt levels and the EU’s fiscal rules.

I both welcome and appreciate the views of Oireachtas members and I am now considering those views, as well as those shared via submissions, including those from the Parliamentary Budget Office, the Irish Fiscal Advisory Council and Fianna Fáil.

Separate to this, I now also await the report of the Budgetary Oversight Committee which, as the Deputy will note, is due over the coming weeks, as indicated by the Chair during the session.

It is my intention, in the context of all of these views and submissions, to progress the Rainy Day Fund proposal in terms of the key design and operational concepts, and to progress the enabling legislation for the Rainy Day Fund’s establishment. The legislation will set out the proposed deposit and withdrawal mechanisms taking account of all these views and submissions.