Oireachtas Joint and Select Committees

Wednesday, 31 January 2018

Committee on Budgetary Oversight

Proposal to Establish a Rainy Day Fund: Minister for Finance

1:30 pm

Photo of Martin HeydonMartin Heydon (Kildare South, Fine Gael)
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I agree with that approach. It could be stated that I would say that. If we take account of the fact that we are coming out of a decade of underinvestment in our public services, there is a balance to be struck as to the best outcome for our country and investment in infrastructure and key services. Investment in our people is just as important as keeping money aside for one element. I agree that it is a matter for Government. Whoever is in government at a particular time should have control over it as opposed to saying it is a matter for the Dáil, which could meant that it would be kicked around as a political football. How prescriptive could the rules relating to the drawdown be? Would it be at the discretion of the Minister of the day? I ask that in terms of the politics involved. Is there a risk that something which might not be seen as a big emergency in some years, a year out from an election, for example, could be used by a Minister to free up €500 million for a slush fund to splash around the economy? How prescriptive can we be to make sure it is used in the targeted manner in future?