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

We can begin the path to rebuilding the rainy day fund only if we are in a position of balance within our national finances or in one of surplus. It would be a very difficult sell to explain why we were borrowing to put money into a rainy day fund. Moreover, it would be very difficult to do in an environment in which the rate of interest at which countries are borrowing is increasing. We do not have any immediate plans to recreate a rainy day fund, although I would certainly love to be in a position where that was possible. In the context of all the challenges we will face next year, it is unlikely we will make much progress on it quickly.

When and if we are in a position that our finances are balanced and have been for a while, and perhaps even we are running surpluses - which I really want to see happen but I think it is unlikely we will get there next year, beyond the relatively modest surplus that we are already projecting to - that is at the point you begin to do it. I hope we get to that point.