National Surplus (Reserve Fund for Exceptional Contingencies) Bill 2018

Public bill · Government · Presented

It sets up a new reserve fund to hold money set aside for exceptional events, so the State has cash ready for major shocks such as natural disasters, serious financial trouble, or big reform needs. The fund would be topped up with assets from the Ireland Strategic Investment Fund and with annual State transfers of €500 million from 2019 to 2023, up to €8 billion in total, unless the Dáil agrees to pause a payment in special circumstances. The fund would be tightly managed by the Minister for Finance, kept in low-risk, readily accessible investments, and only drawn down with formal approval.

Formal long title

Bill entitled an Act to establish a fund to be known as the National Surplus (Exceptional Contingencies) Reserve Fund for the purpose of the assets and sums hereafter mentioned of the fund being available to be drawn upon only in defined circumstances, being circumstances that involve certain contingencies of an exceptional nature; to provide for the transfer of certain assets and sums to the fund; to provide for the management and control of the fund; to amend the National Treasury Management Agency (Amendment) Act 2014; and to provide for related matters.

Last updated 4 July 2019