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

In acknowledging what we need to do and given the scale of risk that could develop, it is always worthwhile saying what we have already done. There are two different parts to what I am going to do in further dealing with the matter. First, we will put in place a process that the Deputy in particular has called for to see if we can form a better view regarding the sustainability of current receipts. I emphasise that this will be particularly complex in light of the discussions under way in the Organisation for Economic Co-operation and Development, OECD, regarding the global environment for this tax. Second, I will be looking at benchmarks for how current expenditure can be better managed in future outside the existing fiscal rules proposed by the European Union. Across the coming years, we need to have different benchmarks for how expenditure is managed. I am examining the so-called prudence account but I must establish the benefits of creating a new account or a subset of the rainy day fund, given that the intention of the rainy day fund is to have a location for excess receipts in the first place.

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