Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I have a brief response.

My expectation is that the easily measurable and more easily quantifiable interplay between the setting up of a rainy day fund and use in the here and now will probably be the choice we will face regarding whether we set up a rainy day fund or pay down debt. There will be an opportunity cost in doing this and we will struggle to quantify it because it will mean not doing something many want us to do. The more easily measurable one, therefore, will be whether we pay down debt or put the money into the fund. It becomes particularly interesting, of course, if we do it in a low interest rate environment. One of the challenges we face in holding money is that it is difficult to preserve the value of a very large amount of money.

With regard to parliamentary control, I have outlined my answer and the Deputy understands why I am saying it. Something that perhaps might be examined is, in the event of withdrawal, what are the criteria in which it will happen. I would be very cautious in ceding power away from the Government to determine when it can contribute or withdraw because it could create really big practical difficulties in the future.