Fianna Fáil Finance Spokesperson, Michael McGrath TD has welcomed the publication of the legislation needed to establish a Rainy Day Fund for the State.
“Fianna Fáil campaigned in the last general election for such a fund, and insisted on it as part of the negotiations to facilitate a minority government.
“While Fine Gael were less than enthusiastic about this fund, it is welcome that they have realised that such a fund is essential to mitigate against any downturn in the Irish economy.
“In a future downturn, the first decision of the Minister for Finance should not be choosing between increasing taxes and cutting public expenditure.
“We will now look at the proposed legislation to ensure that the new fund, to be officially known as the National Surplus (Exceptional Contingencies) Reserve Fund, is robust enough to meet any potential financial challenge the State may face,” concluded McGrath.