Eoghan Murphy (Dublin South East, Fine Gael)
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I want to examine the idea of the rainy day fund which you, Professor Lane, have mentioned a few times this morning. Your point is essentially that because we moved from a taxation base that was pro-cyclical – I think Mr. Regling’s report refers to going from 12% to 30% - that money should have been ring-fenced for a rainy day fund, for future difficulties.