Oireachtas Joint and Select Committees
Wednesday, 24 May 2023
Committee on Budgetary Oversight
Sovereign Wealth Funds: Discussion
Rose Conway-Walsh (Mayo, Sinn Fein) | Oireachtas source
I have a short question for clarification. All of the fund is stored entirely in Irish sovereign debt. When the National Reserve Fund buys Irish Exchequer notes, the fund is buying Irish debt. Is that right? I just want to understand the process. We have €6 billion from tax revenue and rather than spend that money, we decided to save it to buy the Irish debt. When we then put the money into the National Reserve Fund, we increase the national debt. Is that right? When we withdraw the money, we obviously reduce the national debt. What happens with the €6 billion then? Does that enter general government spending?
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