Bernard Durkan (Kildare North, Fine Gael) | Oireachtas source

How does IFAC view the principles, which I think are correct, of setting savings aside, whether it is called a rainy day fund, a sovereign fund or whatever? Having regard to the degree to which Ireland is a small country affected by economic shifts and changes outside the country to a large extent, how does the IFAC see such funds evolving? For instance, there are those who say that we need to spend the money now to alleviate the immediate problem. There are those who also say that we may have a bigger problem to resolve in the future, hence the need for ongoing reserves.