Paschal Donohoe (Dublin Central, Fine Gael)
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I said that I was responsible for the conduct of tax and economic policy. I am very much aware of the struggles and challenges that many people face. I am doing all I can to address those. The Deputy outlined difficulties but, on the other side of the coin, living standards are being rebuilt and we now have levels of investment in public services and capital spending that would have looked impossible a number of years ago. It is incumbent on me to point that out while also pointing to the difficulties that we still face.

Before addressing the Deputy's question on the operation of the rainy day fund, I should make a final point about the future operation of corporate tax policy. The changes that have happened in the US, as well as its proposed changes, will make a significant change to the corporate tax environment that we are in. I expect to see the levels of corporate tax paid increase because of some of the changes in the US tax package.

Regarding the question on how I can ensure that moneys allocated within the rainy day fund can only be spent at times of economic difficulty as opposed to when things are going okay, I am aiming to put a triple lock in place in the legislation that is being drafted. A decision to release moneys from the rainy day fund would have to come from a recommendation of my Department, which would then have to be endorsed by the Cabinet and accepted by the Dáil. This will create the mechanisms to ensure that such funding is spent when it is needed.