European Bank for Reconstruction and Development Act , 1991

1 Definitions.

1.—In this Act—

“the Agreement” means the Agreement establishing the European Bank for Reconstruction and Development done at Paris on the 29th day of May, 1990 (the text of which, in the English language, is, for convenience of reference, set out in the Schedule to this Act);

“the Bank” means the European Bank for Reconstruction and Development established under the Agreement;

“the Minister” means the Minister for Finance.

2 Approval of terms of Agreement.

2.—The terms of the Agreement are hereby approved.

3 Financial and other provisions.

3.—(1) The subsequent subsections of this section shall come into operation on the day on which the State becomes a member of the Bank in accordance with the terms of Articles 61 and 62 of the Agreement.

(2) Payments under Articles 5 and 6 of the Agreement in respect of subscription to the Bank, as and when they become appropriate to be made on behalf of the State, shall be made out of the Central Fund or the growing produce thereof.

(3) The Minister may create and issue to the Bank, in such form as he thinks fit, such non-interest-bearing and non-negotiable notes or other obligations as are provided for in paragraphs 2 and 7 of Article 6 of the Agreement, and any payments in respect of any such notes or obligations so created and issued shall be made out of the Central Fund or the growing produce thereof.

(4) Any moneys received on behalf of the State from the Bank shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available.

(5) The Central Bank of Ireland shall act as a depository for the holdings of currency of the State and other assets of the Bank and may advance to the Minister any sum or sums required for payments under this section, subject to such security, rate of interest and other terms and conditions as are agreed between the Minister and the Central Bank of Ireland.

(6) The principal and interest of any advances made under subsection (5) of this section shall be charged on the Central Fund or the growing produce thereof.

4 Citation.

4.—This Act may be cited as the European Bank for Reconstruction and Development Act, 1991.

SCHEDULE AGREEMENT ESTABLISHING THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT

CONTENTS

AGREEMENT ESTABLISHING THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT

The contracting parties,

Committed to the fundamental principles of multiparty democracy, the rule of law, respect for human rights and market economics;

Recalling the Final Act of the Helsinki Conference on Security and Cooperation in Europe, and in particular its Declaration on Principles;

Welcoming the intent of Central and Eastern European countries to further the practical implementation of multiparty democracy, strengthening democratic institutions, the rule of law and respect for human rights and their willingness to implement reforms in order to evolve towards market-oriented economies;

Considering the importance of close and coordinated cooperation in order to promote the economic progress of Central and Eastern European countries to help their economies become more internationally competitive and assist them in their reconstruction and development and thus to reduce, where appropriate, any risks related to the financing of their economies;

Convinced that the establishment of a multilateral financial institution which is European in its basic character and broadly international in its membership would help serve these ends and would constitute a new and unique structure of cooperation in Europe;

Have agreed to establish hereby the European Bank for Reconstruction and Development (hereinafter called “the Bank”) which shall operate in accordance with the following: