Tommy Broughan (Dublin Bay North, Independent)
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13. To ask the Minister for Finance when he will make a presentation to Dáil Éireann on the establishment of a rainy day fund for Ireland; and if he will make a statement on the matter. [10201/16]

Michael Noonan (Limerick City, Fine Gael)
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Officials in my Department are currently reviewing the content of the Programme for Government and, in this case, the matter of the establishment of a rainy day fund. This commitment forms part of the stated aim of this and the previous Government to maintain sound public finances.

In considering this commitment, my officials are examining the necessary key features of such a fund, including that the fund should:

- be resourced sustainably so as not to result in undue stress elsewhere in the public finances;

- be of a critical size so that it can actually have impact if ever deployed;

- have clear criteria to facilitate its deployment effectively when required;

- have a clear investment strategy so as to ensure the resources yield a return while they are held in the fund and that they are not placed at excessive levels of risk; and

- consider the fiscal rules and budgetary implications of the fund's establishment and potential deployment.

In considering the rainy day fund, my officials will also examine how it interacts with the existing Irish Strategic Investment Fund (ISIF) and its unique mandate to invest on a commercial basis earning an economic return while creating jobs and economic growth.

I will revert to the House when all of these matters have been properly examined and the proposal has been considered by Government.

Mary Lou McDonald (Dublin Central, Sinn Fein)
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14. To ask the Minister for Finance the details of the quantum of the fund referred to in the commitment in the programme for Government to establish a rainy day fund; and the way in which it will operate. [10545/16]

Michael Noonan (Limerick City, Fine Gael)
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Officials in my Department are currently reviewing the content of the Programme for Government and, in this case, the matter of the establishment of a rainy day fund. This commitment forms part of the stated aim of this and the previous Government to maintain sound public finances.

In considering the quantum of the rainy day fund, my officials are taking account of how the fund can be resourced sustainably so as not to result in undue stress elsewhere in the public finances and also that it is of sufficient critical size to have an impact if deployed.  My officials will also consider the fiscal rules and budgetary implications of the fund's establishment in relation to the quantum of the fund.   

The operations of the rainy day fund will also be part of my officials' consideration, including the need to have clear criteria to facilitate the Fund's deployment effectively when required, and the need to have a clear investment strategy so as to ensure the fund's resources yield a return while they are in the fund and that they are not placed at excessive levels of risk.  Other issues for consideration by my officials will emerge as the work progresses.

I will revert to the House when all of these matters have been properly examined and the proposal has been considered by Government.