Mattie McGrath (Tipperary, Independent) | Oireachtas source

I note that the Committee on Budgetary Oversight, having examined the proposals, identified a number of areas where there is need for greater detail on the purpose and design of the rainy day fund. The committee was of the opinion that greater flexibility will be needed at EU level to ensure that moneys committed to a rainy day fund would be spent when needed to counter a future economic shock. What was alarming, however, is that the committee also found that the Department of Finance consultation paper on the rainy day fund was unclear about its purpose. I am not opposed to the concept but I will not have it as a slush fund for the Government to bail itself out and dig itself out of holes. I will not support that.

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