The Minister for Finance says it would be wrong for Ireland to take the Apple tax money, as other countries will come after us for it.
Last year the European Commission ruled Ireland had given Apple unfair state aid and ordered €13.6bn to be paid over.
The decision is being appealed.
However, Paschal Donohoe, says that taking the money will undermine the economy in the long run.
"I don't think there is a pot of gold at the end of this rainbow," he said.
"What the European Commission actually said was that if such a source of funding is identified that other countries will also be liable to take a share of it.
"Were such a fund to be indentified in the future, other countries will go after it."