Question to the Attorney General:

To ask the Attorney General, if he will seek the release of money from the National Fund in order to set up a fund for good causes.

The National Fund was created in 1928 with the purpose of paying off the entire national debt. At present the fund cannot be used unless it completely clears the national debt, due to the terms of the fund’s charitable trust.

On 22 May 2018 my predecessor made an application to the High Court to vary the terms of the charitable trust so that the National Fund can be used to help pay down the national debt.

It is now for the High Court to decide whether the terms of the charitable trust should be varied. If the application is successful the money in the fund will be paid over to the National Debt Commissioners towards the reduction of the national debt.

I consider that applying the fund in reduction of the national debt is the correct approach. This approach maintains the original charitable purpose of the national fund, namely the reduction of the national debt and it honours the original intention of the donors as a result of whose generosity the fund exists.

We await a hearing date from the High Court.