Consistent with his aversion to borrowing, Mr McCreevy has resisted the temptation to run a budget deficit in 2002.
Instead, Mr McCreevy has announced his intention to transfer €635 million from the Social Inclusion Fund, which is paid for through PRSI contributions.
The Minister also intends to transfer the benefits accrued by the Central Bank from the issuance of notes and coin to the exchequer. This should raise another €240 million.
Announcing his controversial plans, Mr McCreevy reiterated his opposition to borrowing to fund Government expenditure.
"We got ourselves into a mire by borrowing for current purposes in the past. The legacy hung around our neck for over 20 years. I am not going to repeat the mistakes of the past," he said.
Mr McCreevy added he would be meeting the statutory requirement of providing one per cent of GNP for the National Pension Reserve Fund out of currently available resources.