Reform history

**1**.— In this Act—

“Agency” means National Treasury Management Agency;

“Convention” means United Nations Framework Convention on Climate Change done at New York on 9th May 1992;

“Kyoto Unit” means a unit, equivalent to one metric tonne of carbon dioxide, issued pursuant to the Kyoto Protocol and the decisions adopted pursuant to the Convention and the Kyoto Protocol.

(3) The Minister shall manage and control the Carbon Fund in accordance with this Act and has all powers necessary for or incidental to the performance by him or her of such functions.

(*a*) engage in transactions of a normal banking nature in respect of the management of the Carbon Fund and may, for such purposes, issue such funds from the Carbon Fund as are necessary,

(*b*) pay into any foreign currency clearing account created by the Minister for Finance under section 139 of the Finance Act 1993 the proceeds of any transaction denominated in a currency other than the currency of the State, and

(9) Any surplus arising in the Carbon Fund shall be paid into the Central Fund from time to time as the Agency considers appropriate.

(3) The Minister may, with the consent of the Minister for Finance, having regard to the obligations of the State under the Convention and the Kyoto Protocol, pay into the Carbon Fund in the financial year 2006 and each subsequent financial year, out of moneys provided by the Oireachtas, such amounts as he or she determines.

**4**.— Moneys standing to the credit of the Carbon Fund shall not be used for any purposes other than those specified in this Act.

**5**.— (1) The Agency shall—

(2) Accounts kept under this section, as signed by the Chief Executive (who shall be the accountable person in relation to the accounts of the Carbon Fund), shall be submitted, as soon as may be, but not later than 4 months after the end of the financial year of the Agency to which they relate, by the Agency to the Comptroller and Auditor General for audit. A copy of the accounts as so audited, together with a copy of the report by the Comptroller and Auditor General on those accounts, shall be presented to the Minister as soon as may be thereafter. The Minister shall cause a copy of those audited accounts and that report to be laid before each House of the Oireachtas.

**6**.— (1) As soon as may be, but not later than 6 months after the end of each financial year of the Agency, the Agency shall make a report to the Minister of its activities in relation to the performance during the year concerned of the functions delegated to it under this Act, and the Minister shall cause copies of the report to be laid before each House of the Oireachtas.

(3) The Agency shall, when requested by the Minister, make recommendations to the Minister in relation to the functions performed by the Agency under this Act.

**7**.— (1) The Chief Executive of the Agency shall, in relation to the functions performed by the Agency under this Act, whenever required by the Committee of Public Accounts, give evidence to that Committee on—

(*c*) the systems, procedures and practices employed by the Agency for the purpose of evaluating the effectiveness of its operations under this Act, and

(2) When performing duties under this section, the Chief Executive of the Agency shall not question or express an opinion on the merits of any policy of the Government or a Minister of the Government or on the merits of the objectives of such a policy.

(3) In this section “Committee of Public Accounts” means the Committee of Dáil Éireann established under the Standing Orders of Dáil Éireann to examine and report to Dáil Éireann on the appropriation accounts and reports of the Comptroller and Auditor General.

**8**.— The Minister may, following consultation with the Minister for Finance, give directions or guidelines to the Agency in relation to the performance by it of the functions delegated or granted to it under this Act. The Agency shall comply with any such directions and perform those functions in accordance with any such guidelines.

**9**.— Where the Minister feels it is appropriate in the circumstances, and following consultation with the Minister for Finance, the Minister may, by order, revoke some or all of the functions delegated to the Agency under this Act.

**10**.— This Act may be cited as the Carbon Fund Act 2007.