Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

This Bill is an important tool in terms of the counter-cyclical methodology that is required to deal with where we are today. Fiscally, we have strong, robust taxes coming in, which is important.

Deputy Michael McGrath mentioned the corporate tax rate. I always mention that the income tax take has doubled in the past seven years. It is crucial that we take the opportunity when taxes are buoyant, as they currently are, to set some moneys aside. The amount involved here is small in the greater scheme of things, namely, less than 1% of what is coming in overall. However, we may need that money in the future. Hopefully, it will not be required but we can set it aside and use it.

I do not have a start-up date. I appreciate this initiative was first considered in 2015. I will try to get the Deputy a detailed note about the speed of the implementation of the fund and the details in that regard.

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