The Minister for Finance Paschal Donohoe has defended his department’s recent plans to setup a rainy day fund.
Mr Donohoe who has been recently questioned about the fund which will see €500m added over the next three years, has defended the Government’s plans by stating that the fund will provide a stable future if Ireland were to find themselves in economic difficulty.
The Minister for Finance who cited the current homeless crisis, said setting up the fund would aid in the state’s ability to limit the damage caused by any economic downfalls such as a housing crash.
Although the fund will initially see €1.5bn put aside over the next three years, Mr Donohoe said it was the Government’s overall plan to have €8bn in the fund over the coming years ahead.