Paul Murphy (Dublin South West, Solidarity) | Oireachtas source

The Minister of State said that by way of justifying it.

My next point, which will mostly repeat Deputy O'Brien's, is that the fiscal rules mean that it cannot be used for any of the real rainy days that we have. For example, it cannot be invested in public services, be used to build houses, etc. It requires an external shock, which will in reality look like another wave of global economic crises. There are some indications that a new financial crisis is on the way. There will then be another bank bailout. In whatever number of years' time, people will look back at the video and transcripts of this meeting and the debates in the Dáil and say that the Government tried to suggest that this fund would not be used for a bank bailout. It would be wiped out by a bank bailout, as the requirement would be multiples of what will be in the rainy day fund. The fund's moneys will not be substantial compared with what would be involved in a bailout. That is the reality of what is happening, although I presume the Minister of State will not agree.