Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

Responsible Governments must address a multitude of challenges. A responsible Government cannot focus all of its resources on one challenge as that would only exacerbate the other challenges. The establishment of the rainy day fund is a longer term decision which represents part of a wider policy commitment to ensure sound public finances and, in this context, should not be seen as an either-or choice with other policy issues. Sinn Féin's approach in amendment Nos. 18 and 21 is incorrect in seeking to delete sections 4 and 5, which the Government sees as necessary to provide for a situation where the funds need to be accessed while the Dáil is in recess, or is effectively prevented from sitting because of an extreme crisis. Section 9 contains a modification to the procedure set out in subsection (4) for cases of serious urgency. The Government's approach is that if the Minister believes, based upon reasonable grounds, that a payment into the Exchequer is urgently necessary before the next sitting of the Dáil, and the Government approves it, he or she may make the payment into the Exchequer. He or she must then report to the Dáil on the payment and reasons for it at its next sitting.

Sinn Féin's amendment to section 7 has deleted the reference to the financial system and maintaining financial stability as the party is opposed to the fund being used for a future bank bailout. I am happy to clarify that, where the fund is drawn down, it will be to the Exchequer only and where it goes thereafter will be determined by the Dáil or by the Minister in an unforeseen circumstance. Direct payment to any person or organisation is neither contemplated nor permitted.