Finance Minister Paschal Donohoe will draw down the €1.5bn in the State’s so-called Rainy Day Fund to boost budget spending. The funds are in the so called National Surplus (Exceptional Contingencies) Reserve Fund which was set up after the last crash to hold budget surpluses for spending in difficult years. The drawdown requires a resolution to be passed by Dáil. “I consider that the requirements of the RDF Act are met and it is appropriate to draw down the resources of the Fund in respect of Budget 2021,” the minister said, freeing him to spend the money. If the Rainy Day Fund is not used the money will be borrowed as part of the 2021 deficit.

Source: Irish Independent October 06, 2020 14:26 UTC