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Government approves drafting of Rainy Day Fund Bill

Fund aims to strengthen public finances and improve Irish economy’s resilience to external economic shocks

The Minister for Finance and Public Expenditure and Reform, Paschal Donohoe, welcomed the Government’s decision to approve drafting of a Rainy Day Fund Bill. 

20180523 Rainy Day Fund

Announcing the decision, the Minister said:

The Rainy Day Fund is an important element of this Government’s strategy to strengthen public finances and improve the Irish economy’s resilience to external economic shocks.

Setting up the Fund is part of a prudent budgetary and financial strategy, and will fulfil an important commitment in the Programme for a Partnership Government.


Minister Donohoe set out his plans for the Rainy Day Fund in the Summer Economic Statement 2017, and again in Budget 2018. His intention is to transfer an initial tranche of €1.5 billion from the Ireland Strategic Investment Fund (ISIF), with further annual contributions of €500 million each year from 2019 to 2021. This will see the Rainy Day Fund reach €3 billion by the end of 2021.