Reuters reports that Finance Minister Paschal Donohoe said that Irish consumers will not need government incentives to spend record levels of savings once the economy reopens, as he hopes for "signs" of a rebound in economic growth in the third quarter.

Ireland has been under a third, strict lockdown to slow its deadliest wave of COVID-19 since late December and although its large multinational sector has softened the blow on the economy, one-in-four people are temporarily or permanently out of work.

"I think the role for consumption incentives could have been well made last year, but as we have gone through 2020 and even the early part of 2021, we're seeing such a clear trend in household saving," Donohoe said.

"If that trend continues, little incentive will be needed to encourage broad consumption within the economy. I think the real challenge we're going to face will be where we are with employer viability."