Wednesday, 16 May 2018

Ceisteanna (50)

Thomas P. Broughan

Ceist:

50. Deputy Thomas P. Broughan asked the Minister for Finance when legislation on the rainy day fund will be published; if his Department has completed its examination on the main functions of the proposed €500 million fund; the cases in which this includes a cost-benefit analysis in relation to the deferred public expenditure; and if he will make a statement on the matter. [21625/18]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

I expect to bring my proposals for the general scheme of a Rainy Day Fund Bill to Government for decision in the coming weeks.  Following the consideration of Government, I would expect to forward the general scheme of the Bill to the Oireachtas for its consideration. 

I would hope to progress the Bill quickly, but I am not yet in a position to give a detailed timeline. The principal purpose of the Fund is to mitigate future external economic shocks by setting aside a reserve which can be drawn on in the event of such a shock. It is a prudent measure being taken at a time when our public finances are relatively strong, intended to increase our economic resilience.

Given the unpredictability of economic shocks and the consequential uncertainty as to how the Fund will ultimately be disbursed, it is not possible to prepare a meaningful cost benefit analysis on its ultimate expenditure.  However, I would expect the funds to be used as part of voted expenditure. My officials are preparing a regulatory impact analysis which will be published together with the Bill.