Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

Yes, next year. Therefore, the legislation will obviously need to be in place sometime before the end of next year to allow the fund to be established, with €1.5 billion going in from the Ireland Strategic Investment Fund, ISIF, and €500 million being added per year. To answer the Deputy's question very frankly, a balance is required. Yes, we absolutely need to invest in infrastructure in order to allow our economy to continue to grow, allow our society to develop and remove bottlenecks. This is why we published Project Ireland 2040 before setting up the rainy day fund setting out how capital spending will increase from a relatively low level in Europe to one of the highest across the period of Project Ireland 2040. There will be a 25% increase in investment in public infrastructure next year alone. We are therefore very much providing for increased investment in public infrastructure, transport, housing, health and so on. However, we do not want to go back to the policy of the past, which was the philosophy of "when I have it, I spend it" because we all know where that leads. Quite soon afterwards, one does not have it any more. This is why we think it is prudent, at a time when the economy is growing very strongly, that we do balance the books and set aside a small surplus to prepare for inevitable downturns, shocks and economic problems that will arise at some point in the future.

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