€4 billion to be transferred from Exchequer to Future Ireland Fund
The State is transferring the first in a series of annual payments into a fund set up to invest windfall gains from taxing multinationals.
Four billion euro is being moved from the Exchequer to the Future Ireland Fund.
The fund is one of two vehicles set up to save some of the proceeds from corporation taxes paid by multinationals.
Minister for Finance Jack Chambers is expected to announce details of the transfer from the Exchequer to the fund later today.
The Government set up the fund with the commitment that the equivalent of 0.8% of Gross Domestic Product would be transferred to the Future Ireland Fund annually.
There is already €4bn in the fund which has been paid from the National Reserve Fund which has been dissolved.
The second vehicle called the Infrastructure, Climate and Nature Fund already has received a payment of €2bn.
A further €6bn will be transferred to the two funds next year.
The Future Ireland Fund is to support State expenditure from 2041 onwards.
The Infrastructure, Climate and Nature Fund’s purpose is to support spending in the event of a deterioration in the public finances and on environmental projects from 2026 to 2030.
Contributions will be made to the Future Ireland Fund until 2035.
It is expected about €70bn will be transferred to the fund during that period.
Article Source – €4 billion to be transferred from Exchequer to Future Ireland Fund – RTE
