Oireachtas Joint and Select Committees
Wednesday, 31 January 2018
Committee on Budgetary Oversight
Proposal to Establish a Rainy Day Fund: Minister for Finance
1:30 pm
John Lahart (Dublin South West, Fianna Fail) | Oireachtas source
I was really seeking clarification, but I am keen on two principles, one of which is that, in the event of it being established, it be used, in so far as possible, for the common good as opposed to sectoral interests. The second is that we keep it simple. It is for unforeseen and unexpected consequences. For example, families have debts, mortgages, car loans and insurance that require monthly repayments to be made which they meet from their existing income. However, it is traditional for a few quid to be put away, if people can afford it, to meet the unexpected or the unknown unknown that we know will emerge and that falls outside the normal. It could be somebody in the household losing a job; therefore, it would allow the household to keep going. We could use that as a metaphor. I welcome the paper and the opportunity to continue discussing it before bringing it before the Dáil.
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