Irish government to create two sovereign funds

New law will mandate government to deposit up to 0.8% of GDP in two funds over next decade

map-of-ireland

Ireland’s government is setting up two new sovereign funds to absorb a massive corporation tax surplus, its finance minister announced today (October 10).

It plans to deposit up to €100 billion ($105.9 billion) in the funds over the next 10 years, finance minister Michael McGrath told parliament. The larger fund will invest in long-term foreign assets, while the smaller will be able to acquire short-term and domestic instruments.

Ireland has a surplus from taxes, chiefly paid by foreign firms

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