Dáil debates

Tuesday, 29 January 2019

National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018: Second Stage (Resumed)

 

8:15 pm

Photo of Jonathan O'BrienJonathan O'Brien (Cork North Central, Sinn Fein) | Oireachtas source

My colleague, Deputy Pearse Doherty, has outlined Sinn Féin's position on the Bill. I want to pick up on some issues he did not address owing to time constraints, one of which is the contradictions in the briefing notes obtained by Sinn Féin via freedom of information requests to the Department of Finance. These are notes provided to the Minister in the lead-up to the publication of this Bill in respect of press briefings and appearances before Oireachtas committees. They detail various provisions within the legislation as published, including the withdrawal mechanism. The Minister touched on this earlier when he said that one of the withdrawal mechanisms would have to be Dáil approval. In fairness, he stated that there would be an exception under section 9(4) in regard to seeking Dáil approval but, up to that point, his stated view was that matters of national economic and financial importance should have the support and endorsement of not just the Government but also the Dáil. It is now provided in the legislation as published that Dáil approval can be side-stepped if the Minister decides it is in the national interest and it is a crisis. How do we reach that point? The legislation states that the Minister responsible for the introduction of the Bill, which is the Minister for Finance, shall consult the Minister for Public Expenditure and Reform before bringing a proposal to Government to withdraw moneys from the fund. In essence, the Minister, Deputy Donohoe, will have to stand in front of a mirror and ask himself whether he should withdraw money from the fund. If the Minister thinks it is a good idea, he will then bring the proposal to Cabinet but if the Dáil is in recess the money is simply withdrawn. That is one of the clear contradictions between what the Minister was saying in the lead-up to the legislation being debated in the House tonight and what is contained in the Bill as published. This highlights the Government's approach to this legislation over the past 12 to 18 months.

The Government is making it up as it goes along. This is a public relations exercise. Fine Gael is trying to portray itself as a party of fiscal prudence while, at the same time, portraying other parties that are asking the Government to invest in housing, health services and public services at a time people are sleeping on the streets, lying on hospital trolleys in overcrowded conditions, living in direct provision and in family hubs, where children are at risk, as irresponsible. The Government has opted to establish a rainy day fund for future crises, ignoring the crises we are currently trying to navigate our way through. It is fiscally irresponsible to do what it is proposing to do and the Government, and the Minister of State, Deputy Canney, know that. They are setting out the dark scenario of a major economic downturn at some point in the future when we will be glad we have this €8 billion fund while ignoring the fact that many people in this State tonight will sleep without a roof over their heads. That is not only fiscally irresponsible; it is morally irresponsible.

One of the other issues I want to touch on is the Minister's commentary on the fund being used as a potential bank bailout. In this regard, the briefing notes provided by the Department to the Minister reference caution against closing off future uses of the rainy day fund at this time, particularly given we do not know what crisis could be faced into the future. This includes a stopgap measure for the banking sector. It is provided for in the legislation as well that the fund can be used to finance banks as a stopgap measure. The public will not agree to this. We all know what Fianna Fáil did to this economy through the bank bailouts. My grandchildren and my great grandchildren will still pay for it. It is disingenuous of Deputy Michael McGrath to talk about other parties, such as Sinn Féin, trying to use this as a baton to beat the Government, trying to portray us as people who are not responsible. As the finance spokesperson for the party that drove this economy off the cliff, he sought to lecture Sinn Féin on our public finances. Brass necks does not cover it when it comes to Fianna Fáil. I am not surprised that Fianna Fáil is trying to portray itself as having learned the lessons of the past. The Fianna Fáil I know will never learn the lessons of the past. They are only in it for themselves. Let there be no doubt about it - Fianna Fáil is looking to a couple of general elections down the line when they will be in government and in control of this €8 billion fund. Their past history explains what they will use it for.

The quicker we get this Bill to Committee Stage such that we can deal with the detail of it and get away from the PR and spin, the better for all of us. I have no doubt that the public, when they understand what this money could be used for into the future when it could be used now to build houses and alleviate hospital waiting lists, will not support it. I would be surprised if some of the Independent members of Government were supportive of it. People need to take a long, hard look in the mirror, just as the Minister, Deputy Donohoe, will have to do if he wants to bring a proposal before Government to withdraw money from this fund. The quicker we move to Committee Stage and deal with the details of the Bill, the better. I hope that the Government will listen to the reasonable voices within this Chamber and not to Fianna Fáil. I ask it to be open to listening to an alternative argument. We are where we are today because previous Governments refused to listen to the Opposition when it put forward reasonable and rational proposals.

They refused to listen to it. They thought they knew best but look where it got us. I implore the Minister to ensure this Government does not repeat the mistakes of the past. However, I am very sceptical as to whether that will happen. Time will tell.

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