Ireland's rainy day funds: What are they and how much money is in them?

Targeting 'serious fiscal challenges on the horizon,' how will Ireland's sovereign wealth fund this compare to existing investments?

09/05/2023 Dublin Ireland. Fianna Fail Minister for Finance Michael McGrath talking to the media while going into Government Buildings for today's cabinet meeting. Photo: Sasko Lazarov/RollingNews.ie

With budget surpluses in excess of €65bn expected up to 2026, the government is weighing up its options as it decides how this money should be spent, with Finance Minister Michael McGrath announcing a new sovereign wealth fund to house longer-term savings.

Speaking today, Mr McGrath said the fund would be capitalised by windfall taxes as well as fractions of any future budgetary surplus, but where will this money go? What funds do we already have and what will be different about this one?