Michael McGrath (Cork South Central, Fianna Fail)
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254. To ask the Minister for Finance if consultation has taken place with the European Commission in relation to the rules regarding the statistical treatment of the rainy day fund; if a decision has been made by the Commission in that regard; if a decision by the Commission is imminent in that regard; and if he will make a statement on the matter. [25715/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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It has not been necessary to consult with the European Commission in relation to the statistical treatment of the Rainy Day Fund, as no decision is required from them. The Commission is well aware of, and supportive of, our plans to establish a Rainy Day Fund. They were updated on progress on establishing the Fund in the Stability Programme Update in April and at bilateral meetings.

Any eventual drawdown from the Fund will have to be in accordance with the fiscal rules and the flexibilities that exist therein.

I look forward to discussing our legislative proposals in Committee in the near future, and to publishing the Bill within a short time thereafter.