Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Deputy. The design of the future Ireland fund allows for it to be drawn down as the Government of the day decides. There are already recognised pressures on expenditure in respect of ageing costs, but these are not the only costs. There are likely to be other pressures on expenditure such as climate and digital transition costs. While there are identifiable issues to be addressed, it is difficult to quantify other potential issues now which may emerge in the 2040s. Leaving decisions on the use of the investment return of the fund to the Government of the day asserts democratic control over the fund. The essential point is that by that time, it is certain that many of the age-related costs will have crystallised and materialised. They will have to be met and there will of course be many other spending pressures. I felt, on balance, it was better not to be prescriptive, given how far away it is, about how that funding would be used in the annual budgetary process.

We can provide some numbers and we will, perhaps for ease of reference, send them to the committee about-----