Oireachtas Joint and Select Committees

Wednesday, 5 July 2023

Committee on Budgetary Oversight

Sovereign Wealth Funds: Discussion (Resumed)

Mr. Pat Leahy:

Sorry, but as it is now, there is quite a restricted set of criteria in the legislation. I do not have them to hand but effectively, the three things are to remedy or mitigate the occurrence in the State of exceptional circumstances - Covid-19 would have fallen under exceptional circumstances - to prevent potential serious damage to the financial system in the State and then to support major structural reforms that have direct long-term positive budgetary effects. The 2018 legislation is quite prescriptive and is intended as kind of in-emergency-break-glass measure, as opposed to a fund that could be used to mitigate anything else. That is why it is part of the consideration of this long-term fund, as to what will happen to it.

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