Mr. John McCarthy:

If I recall correctly, 2018 was the last time the Exchequer or public finances moved into surplus and the Minister enacted a rainy day fund. He put it in place with the intention of doing exactly as the Deputy said. It was a fund to enable us to support the economy if it were subject to a major shock. Maybe it was 2019. I cannot remember the exact date. Of course, straight after the legislation was put on the Statute Book, Covid kicked in. We had been anticipating a surplus but it went massively in the opposite direction for obvious reasons. We are still running a deficit, so even though the position is improving we are still anticipating a general government deficit of approximately €2 billion for this year. The Minister's view, which I think is correct, is there is no point in borrowing to put money in a fund. In other words, when you are running a deficit you do not establish or capitalise a rainy day fund.