Fianna Fáil warns against 'tokenistic' contribution to Ireland's 'rainy-day fund'

Fianna Fáil has written to the Minister for Finance, warning him about possible changes to plans for a "rainy-day fund".

The move comes after suggestions that the new Finance Minister Paschal Donohoe could scale back his predecessor's plans for a Government savings fund.

The deal between Fine Gael and Fianna Fáil requires the Government to set up the fund, but it has been reported that much of the cash could now be set aside for big-ticket spending like the Metro North project.

Fianna Fáil's Michael McGrath said that the rainy day fund will be undermined if it does not have enough cash.

"We'll have to see how the final number falls, but from a Fianna Fáil point of view, the amount of money going into a rainy-day fund from 2019 onwards has to be more than tokenistic, it has to be of a certain quantum which, over a short number of years, adds up to an amount that is tangible and meaningful."

More in this Section

Plans for College Green pedestrian plaza rejected

Roma supporter awaits fate over Liverpool fan Sean Cox's 'catastrophic injuries'

Charlie Flanagan apologises to Maurice McCabe on behalf of State

Gardaí arrest woman in connection with fatal shooting of Jamie Tighe Ennis

Breaking Stories

Cork Film Festival launches 2018 programme of 250 films

How to make Prue Leith’s ‘almost Thai’ fish cakes

Could this be the most spiritual retreat in Vietnam?

What’s it like to stay in Richard Branson’s favourite Balearic retreat?

More From The Irish Examiner