Fianna Fβil believes it can raise £2.5 million in the next few months to enable it to spend the £2.7 million it is allowed in next year's general election campaign.
According to a spokesman, the party has £200,000 in its "war chest" but hopes to raise the balance through fund-raising over the next five months.
Fine Gael will spend close to £2 million, but refuses to say how much money it currently has. A party spokesman would only say that its finances were "in a healthy state". The two major parties will be by far the largest spenders in the campaign, reflecting both the number of candidates they are running and their ability to attract large donations.
New spending limits coming into force on January 1st, 2002, under the Electoral Act allow parties to spend £20,000 on each candidate in a three-seat constituency, £25,000 in a four-seater and £30,000 in a five-seater.
Business people are expected to give Fianna Fβil and Fine Gael substantial sums in the coming months. While Fine Gael has said it will not take corporate donations, it is likely to attract significant donations from business people in a private capacity.
The Labour Party in contrast says it will spend substantially below the £1.25 million it is allowed under the Electoral Act, a claim about which the Fianna Fβil spokesman expressed scepticism.
A Labour spokesman said he could not say how much had been raised for the election campaign so far, due to the recent changes in legislation governing party funding.
The Progressive Democrats will spend up to their maximum allowed of about £450,000. According to a party spokesman, it will run candidates in a maximum of 17 constituencies. He maintained he did not know how much the party had raised so far, but said "there are plans in place to have all the money raised in time".
Sinn FΘin says it will spend under £200,000, most of which has been raised already. While the party receives substantial sums from the US, a party spokesman said none of this would be spent on the election campaign. The general party funds were separate from the election spending.
The Green Party expects to spend under £100,000. Both parties say most of their funding will come from local small-scale fund-raising.
Fianna Fβil expects to receive a further £90,000 in January as the proceeds of the party's annual draw. While controversies of recent years and legislation on funding have made it more difficult to raise the substantial sums given in the past, the party spokesman says it is hoped to reach its target without going into debt.
While Fianna Fβil sold its Mount Street premises earlier this year for £2.35 million and moved into new rented offices, the spokesman said this would have little impact on the party's election fund.
The money had gone to pay off the party debt and to pay for the move to the new offices, he said.
Fianna Fβil will run about 105 candidates, Fine Gael will field about 80, Labour 49, the Green Party between 15 and 20 and Sinn FΘin up to 25.