Budget 2021 will dip into the State's ‘Rainy Day Fund’

Minister for Finance has received Cabinet approval for drawing down €1.5bn from the National Surplus (Exceptional Contingencies) Reserve Fund 

Minister for Finance Paschal Donohoe said it is appropriate that we release the funds at this time

Minister for Finance Paschal Donohoe has received Cabinet approval for drawing down the €1.5bn from the ‘Rainy Day Fund’ for use in Budget 2021 due to the coronavirus pandemic.

Use of the National Surplus (Exceptional Contingencies) Reserve Fund, better known as the ‘Rainy Day Fund’ has been approved to help the government “remedy or mitigate the exceptional circumstances arising from COVID-19.”