The Central Fund () is the main accounting fund used by the

government of Ireland The Government of Ireland () is the executive (government), executive authority of Republic of Ireland, Ireland, headed by the , the head of government. The government – also known as the cabinet (government), cabinet – is composed of Mini ...

. It is a

bank account A bank account is a financial account maintained by a bank or other financial institution in which the financial transaction A financial transaction is an Contract, agreement, or communication, between a buyer and seller to exchange goods, ...

held at the

Central Bank of Ireland The Central Bank of Ireland () is the national central bank for Ireland within the Eurosystem. It was the Irish central bank from 1943 to 1998, issuing the Irish pound. It is also the country's main financial regulatory authority, and since 2 ...

, managed by the Minister for Finance as head of the Department of Finance. It is informally called the exchequer () by analogy with the UK

Exchequer In the Civil Service (United Kingdom), civil service of the United Kingdom, His Majesty's Exchequer, or just the Exchequer, is the accounting process of central government and the government's ''Transaction account, current account'' (i.e., mon ...

Statutory basis

The

Constitution of Ireland The Constitution of Ireland (, ) is the constitution, fundamental law of Republic of Ireland, Ireland. It asserts the national sovereignty of the Irish people. It guarantees certain fundamental rights, along with a popularly elected non-executi ...

(1937) states: The previous (1922) constitution had a similar provision, and an ancillary statute named the fund "The Central Fund of Saorstát Eireann" and replaced "

Consolidated Fund In many states with political systems derived from the Westminster system, a consolidated fund or consolidated revenue fund is the main bank account of the government. General taxation is taxation paid into the consolidated fund (as opposed ...

" accordingly in UK laws retained by Saorstát Eireann (the

Irish Free State The Irish Free State (6 December 192229 December 1937), also known by its Irish-language, Irish name ( , ), was a State (polity), state established in December 1922 under the Anglo-Irish Treaty of December 1921. The treaty ended the three-ye ...

). The fund was renamed "the Central Fund" when the 1937 constitution renamed the state "Ireland". A new Central Fund Act was passed annually in March between 1923 and 1965, to authorise the Minister for Finance to issue money from the Central Fund in accordance with budget

estimates In the Westminster system of government, the ''Estimates'' are an outline of government spending for the following fiscal year presented by the Cabinet (government), cabinet to parliament. The Estimates are drawn up by bureaucrats in the finance ...

until the

Finance Act A Finance Act is the headline fiscal (budgetary) legislation enacted by the UK Parliament, containing multiple provisions as to taxes, duties, exemptions and reliefs at least once per year, and in particular setting out the principal tax rates f ...

and Appropriations Act were finalised in July to handle the rest of the

financial year A fiscal year (also known as a financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. La ...

. The Central Fund (Permanent Provisions) Act 1965 gave permanent authority to the minister, obviating the need for annual Central Fund Acts. The Department of Public Expenditure and Reform (named the Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation ) was separated from the Department of Finance in 2011, both to split the finance portfolio between a minister from each party in the Fine Gael–Labour coalition, and to facilitate implementation of austerity measures in response to the post-2008 downturn. The Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation has no direct access to the Central Fund; rather, the minister formulates spending policy and directs the Minister for Finance to allocate monies from the Central Fund accordingly. In the 2017–2020 government,

Paschal Donohoe Paschal Donohoe (born 19 September 1974) is an Irish Fine Gael politician who has served as President of the Eurogroup since July 2020 and Ireland's Minister for Finance (Ireland), Minister for Finance since January 2025, and previously from 201 ...

held both portfolios, making the distinction less relevant. , the portfolios have been held by ministers of different parties.

Other funds

Non-exchequer government funds include: ;Social Insurance Fund:

Pay Related Social Insurance Taxation in Ireland in 2017 came from Personal Income taxes (40% of Exchequer Tax Revenues, or ETR), and Consumption taxes, being VAT (27% of ETR) and Excise and Customs duties (12% of ETR). Corporation taxes (16% of ETR) represents most o ...

contributions for distribution by the

Department of Social Protection The Department of Social Protection () is a department of the Government of Ireland, tasked with administering Ireland's social welfare system. It oversees the provision of income support and other social services. It is led by the Minister fo ...

. The fund, comprising a

transaction account A transaction account (also called a checking account, cheque account, chequing account, current account, demand deposit account, or share account at credit unions) is a deposit account or bank account held at a bank or other financial instituti ...

and an investment account, was created in 1953, initially from four earlier funds. ;National Training Fund: established in 2000 for

further education Further education (often abbreviated FE) in the United Kingdom and Ireland is additional education to that received at secondary school that is distinct from the higher education (HE) offered in universities and other academic institutions. It ...

; Ireland Strategic Investment Fund: a

sovereign wealth fund A sovereign wealth fund (SWF), or sovereign investment fund, is a state-owned investment fund that invests in real and financial assets such as stocks, Bond (finance), bonds, real estate, precious metals, or in alternative investments such as ...

established in 2014 and administered by the National Treasury Management Agency. It replaced the National Pensions Reserve Fund, a

pension fund A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides pension, retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the ...

for state and public-sector pensions established in 2001. ;National Surplus (Exceptional Contingencies) Reserve Fund: a rainy day fund established in 2019. Local government authorities also have funds.

Footnote

References

{{reflist Taxation in the Republic of Ireland Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation Irish budgets Banking in the Republic of Ireland 1922 establishments in Ireland

Statutory basis

Other funds

Footnote

See also

References