€316m tax windfall 'hoarded as election slush fund'

FINANCE Minister Charlie McCreevy yesterday welcomed an extraordinary set of Exchequer figures but was rounded on the opposition for "hoarding" the tax bonanza to be used as a pre-election slush fund.

Prior to opening the informal meeting of European finance ministers (ECOFIN) at Punches-town, Co Kildare, yesterday, Mr McCreevy announced the Government took in €316 million more than predicted through taxation in the first quarter of 2004.

The Exchequer figures also showed Government departments spent €416m below budget in the first three months of 2004.