Thursday, 25 October 2018

Ceisteanna (30)

Thomas P. Broughan

Ceist:

30. Deputy Thomas P. Broughan asked the Minister for Finance if he will report on the proposed structure and aims of the rainy day fund; when the promised national surplus (reserve fund for exceptional contingencies) Bill will be published; and if he will make a statement on the matter. [44143/18]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

I am pleased to inform the Deputy that Government on Tuesday approved the text of the National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018, which will now be published in the coming days. This Bill will provide the legislative underpinning for the Rainy Day Fund, which will be formally known as the National Surplus (Exceptional Contingencies) Reserve Fund.

The Fund is intended to increase the resilience of the economy to external economic shocks by providing a highly liquid fund that can be deployed rapidly in the event of a severe economic downturn. The intention is that the Fund can support economic activity, and mitigate the effects of a severe economic shock.

I look forward to discussing and debating the contents of the Bill at Second Stage in the coming weeks.