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

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

Deal creating EU border in Irish Sea closerDeal creating EU border in Irish Sea closer

The key players in the UK’s hunt for a Brexit dealThe key players in the UK’s hunt for a Brexit deal

Talk of Northern Ireland-only backstop off the mark – Arlene FosterTalk of Northern Ireland-only backstop off the mark – Arlene Foster

Limerick IT and Athlone IT forming consortium to develop Technological UniversityLimerick IT and Athlone IT forming consortium to develop Technological University


Lifestyle

Food news with Joe McNamee.The Menu: All the food news of the week

Though the Killarney tourism sector has been at it for the bones of 150 years or more, operating with an innate skill and efficiency that is compelling to observe, its food offering has tended to play it safe in the teeth of a largely conservative visiting clientele, top-heavy with ageing Americans.Restaurant Review: Mallarkey, Killarney

We know porridge is one of the best ways to start the day but being virtuous day in, day out can be boring.The Shape I'm In: Food blogger Indy Power

Timmy Creed is an actor and writer from Bishopstown in Cork.A Question of Taste: Timmy Creed

More From The Irish Examiner