Rose Conway Walsh (Sinn Fein) | Oireachtas source

This debate is a good opportunity to discuss what is happening in the real world. The Fine Gael Government is selling the core message of the summer economic statement with constant reference to the past. We are reminded that it has been ten years since the worst economic crisis in the State, yet there is little reference to the people and practices which caused the crisis. It is simply not good enough to say that as a State we have to ensure that if the same rotten practices are carried out we are able to deal with that.

The rationale for a rainy day fund is directed at those who continue to struggle in their daily lives. There is merit in having a rainy day fund if the most vulnerable people in society are looked after. We also have to remember what we did with the last rainy day fund - we gave it to the bankers. Is there an expectation that the same thing will happen?

Rather than investing in services which would improve the standard of living of our citizens, they are being told that they must hold off and we cannot be sure that there will not be a return to the bad old days. That does not fill people with confidence. Why is that the case? Surely now we have enough checks and balances in place to ensure that we do not see a repeat of the excesses, negligence and criminal activity which caused the last crisis. It seems that when Fine Gael is in government we can never be completely sure that white-collar crime and corruption will be dealt with. Therefore, it is little wonder that the idea of a rainy day fund is a hand-me-down from my friends on the left in Fianna Fáil.