Pearse Doherty (Donegal, Sinn Fein)
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I want to add to the comments of my colleagues in regard to the excellent presentations and report that the council has submitted to us, which are of a high quality and standard.

I want to pick up on some of the line of questioning from Deputy Burke, particularly around the so-called rainy day fund. The witnesses outlined how IFAC would design a different rainy day fund and it has also introduced in this report the concept of the prudence fund. The report talks about pro-cyclical and counter-cyclical measures. My concern, which I want to tease out with the witnesses, is with the rainy day fund, which is counter-cyclical at this point in the cycle but is not counter-cyclical in a downturn. The work done by Eddie Casey of IFAC outlined that very clearly in the paper. Has the council's analysis changed? As we know, in a downturn the current legislation only allows for moneys to be withdrawn to mitigate exceptional circumstances, which are natural disasters, recapitalisation of banks and major structural reforms, such as pension reforms, and not to support social welfare payments that may need to be supported because of rising unemployment, or additional investment in capital. Has the council's analysis changed in regard to the rainy day fund in the sense that it will not act as a counter-cyclical balance in a downturn?