Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

Deputy Danny Healy-Rae asked me to explain why we are putting money into a rainy day fund.

I understand why many would ask that question given the pressures that always exist for today. The simple answer is that we will get into another difficulty in the future because we are an open economy and a huge amount is happening in the world at the moment, as the Deputy knows. Our debt levels, on our emergence from the most recent crisis, are far higher than when we into the times of difficulty we are trying to put behind us. Our difficulties will be even greater if we do not have some reserves available to deal with whatever shock the rest of the world might throw at Ireland in the future.

I understand that is a tough argument to say we need to be better prepared for the future when we face challenges now but it is still the right solution for our country in the long run.

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