The Irish exchequer is awash with revenue from corporation tax - but how will it spend it?
Look at the shareholder register for most of the world's biggest companies and one name which appears again and again is Norges Bank Investment Management .It was set up in 1996 to invest tax revenues from the country's oil industry.It does that by essentially owning a little bit of everything in the global economy. It is a shareholder in more than 9,000 publicly traded companies and its assets are worth more than $1 trillion .
This has seen corporation tax receipts in Ireland balloon from just over €4bn in 2014 to more than €22bn last year. The tax take is so large that the country is now able to run a substantial budget surplus. However, the expectation is that at least some of this revenue is transitory, so it cannot be relied upon to fund permanent spending increases or tax cuts.
This week Irish Finance Minister Michael McGrath said it was therefore "blindingly obvious" to him that the corporation tax windfall should be used as an investment fund, adding that it is a "once in a generation" opportunity.
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