Government raids €1.5bn rainy day fund for Budget 2021
The fund can only used to mitigate severe events – such as a pandemic.
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The fund can only used to mitigate severe events – such as a pandemic.
The move was announced today.
Donohoe has rowed back on his commitment to top up the fund this year.
The rainy day fund will be supplemented with an annual €500 million from the Exchequer, starting this year.
Another €500m is to be added to the fund annually from 2019.
The fund has been described as “ill-thought out” and “ill-timed”.
While there have been gains over the last year, most Irish people still can’t save every month.
Education, renovating homes and holidays are all increasingly popular, but saving for a rainy day is still king.