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The National Fund was set up by a trust deed in 1928. The Fund is held on trust for the purpose of reducing the National Debt. According to expert evidence, there is no realistic prospect of the Fund ever amounting to a sum sufficient to pay off the whole of the National Debt.
The application made by the then Attorney General to the High Court on 22nd May 2018, to release the assets of the National Fund in order to pay down national debt, has not yet concluded. In February 2019 the High Court Listing Officer allocated a three day hearing during a five day window starting on 18 November 2019.