Pet projects and easy temptations must be avoided
IT'S all down to Charlie McCreevy. The controversial finance minister established the national pensions reserve fund officially to provide for future pension costs, but also to prevent his political colleagues spending all the available money during the boom.
No one could have foreseen the actual use to which the fund was put – saving the stricken Irish banking system. Without its €25bn, the Government could not have rescued the banks and history would have been different – whether for better or worse.
Now the fund's remnants are to be put to another use, although exactly what that is, is not quite clear.