Wednesday, 16 May 2018

Ceisteanna (47)

Pearse Doherty


47. Deputy Pearse Doherty asked the Minister for Finance his plans with regard to the creation of a rainy day fund; and if he will make a statement on the matter. [21437/18]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

I am pleased to say that the General Scheme of a Rainy Day Bill has been prepared. I have circulated my proposals with a view to bringing them to Government in the coming weeks for a decision on drafting, in parallel with pre-legislative scrutiny.

The Bill will provide the necessary legislative underpinning for the Fund. My intention remains to transfer €1.5 billion from the Ireland Strategic Investment Fund, and to make annual transfers of €500 million per year in each year from 2019 to 2021, as was published last month in the Stability Programme Update.

My discussions with the Budgetary Oversight Committee in January this year have been constructive in formulating the detailed proposals, and I look forward to further positive engagement through the legislative process.