Minister for Finance Paschal Donohoe said in his Budget speech that the Rainy Day Fund will be established in the coming year, with at least €1.5 billion transferred to it from the Ireland Strategic Investment Fund.
As set out in the Summer Economic Statement, the annual contributions of €500m will start in 2019 – after the country has achieved its medium-term objectives for 2018.
Mr Donohoe said the establishment of the fund is "another important step in strengthening the national finances in a changing and risky world, especially in light of Brexit".
The consultation paper on the establishment of the fund is to be published immediately.
