Rose Conway-Walsh (Mayo, Sinn Fein)
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208. To ask the Minister for Finance the amount held in FIF and ICNF; and if he will make a statement on the matter. [28731/24]

Jack Chambers (Dublin West, Fianna Fail)
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The Future Ireland Fund and Infrastructure Climate and Nature Fund Act 2024 was enacted on 18 June 2024. My officials are working with the Office of the Attorney General on the necessary commencement statutory instrument, which provide for the establishment of the two new funds.

By the end of this year, on the basis of the transactions outlined below, over €10 billion will be transferred to the new funds.

The Stability Programme Update, published by my Department in April 2024 provides a forecast of the level of contributions to the Future Ireland Fund and the Infrastructure, Climate and Nature Fund (ICNF) from 2024 to 2027.

There will be contributions to the Future Ireland Fund and the ICNF respectively from the dissolution of the National Reserve Fund (NRF) this year. €2 billion will be transferred from the NRF to the ICNF and the remaining balance standing to the credit of the NRF will transfer to the FIF. The amount transferred from the NRF to the Future Ireland Fund will depend on the exact value at the date of transfer.

The Act provides for annual transfers from the Exchequer to each of the funds. From 2024 to 2035, 0.8% of ‘relevant GDP’ will be paid from the Exchequer into the Future Ireland Fund. That equates to c. €4.1 billion this year. From 2025 to 2030, €2 billion will be paid from the Exchequer into the ICNF.

The NTMA will has been working closely with officials in my Department and carrying out the necessary preparatory work for the establishment of the Funds.