Pensions fund 'to pay for employment package'

The Government will reportedly use the last €5bn available from the National Pensions Reserve Fund to bankroll its employment stimulus plan.

The Sunday Times said the Government is to seek approval from the IMF, EU and European Central Bank before emptying the fund.

Ministers say the funds are needed to invest in a number of major infrastructure projects, like a new water network, which it is hoped will create over 80,000 new jobs.

It is thought the IMF would be in favour of using the pensions money over the sale of state assets.