[2][4] The Constitution of Ireland (1937) states:[5] All revenues of the State from whatever source arising shall, subject to such exception as may be provided by law, form one fund, and shall be appropriated for the purposes and in the manner and subject to the charges and liabilities determined and imposed by law.The previous (1922) constitution had a similar provision,[6] and an ancillary statute named the fund "The Central Fund of Saorstát Eireann" and replaced "Consolidated Fund" accordingly in UK laws retained by Saorstát Eireann (the Irish Free State).
[7] A new Central Fund Act was passed annually in March between 1923 and 1965,[8] to authorise the Minister for Finance to issue money from the Central Fund in accordance with budget estimates until the Finance Act and Appropriations Act were finalised in July to handle the rest of the financial year.
[9] The Central Fund (Permanent Provisions) Act 1965 gave permanent authority to the minister, obviating the need for annual Central Fund Acts.
[9][10] The Department of Public Expenditure and Reform (renamed the Department of Public Expenditure, National Development Plan Delivery and Reform in 2023) was separated from the Department of Finance in 2011, both to split the finance portfolio between a minister from each party in the Fine Gael–Labour coalition, and to facilitate implementation of austerity measures in response to the post-2008 downturn.
[12] In the 2017–2020 government, Paschal Donohoe held both portfolios, making the distinction less relevant.