Oireachtas Joint and Select Committees
Thursday, 5 May 2022
Public Accounts Committee
2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Finance
2020 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2020
Chapter 16 - Ireland Apple Escrow Fund
Audited Financial Statements of the Exchequer for 2020
9:30 am
Mr. John McCarthy:
It is a valid question. We must set that against borrowing at 1.7%, which is the rate as of this morning. That would be the cost of establishing a rainy day fund. Second, the Government has already borrowed a huge amount during and for Covid so we have cash sitting in the NTMA, etc., of approximately €30 billion. There are a huge amount of liquid assets that could be called if the economy was subjected to a shock.
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