A total of €1.5bn will be set aside for the Rainy Day Fund the Government has confirmed.
The allocation of the funds was announced by the Minister for Finance Paschal Donohoe during Tuesday’s Budget briefing.
Speaking about the allocation of the funds, Mr Donohoe said the Government is preparing to increase the state’s resilience to larger economic shocks.
It is expected the vast majority of the funds will come from the Ireland Strategic Investment Fund, whilst a further €500m will be added annually from the Exchequer starting from next year.
The Finance Minister also revealed that the the government hopes to deposit funds from recuperated corporation taxes to increase the fund annually.