National Treasury Management Agency (Amendment) Act 2014

PART 1 Preliminary and General

1. Short title, collective citation, construction and commencement

1.(1) This Act may be cited as the National Treasury Management Agency (Amendment) Act 2014.

(2) This Act and the National Treasury Management Agency Acts 1990 and 2000 may be cited as the National Treasury Management Agency Acts 1990 to 2014 and shall be construed together as one.

(3) This Act shall come into operation on such day or days as the Minister may appoint by order or orders generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions.

2. Definitions

2. In this Act—

“Act of 1990” means National Treasury Management Agency Act 1990;

“Act of 2000” means National Treasury Management Agency (Amendment) Act 2000;

“Agency” means National Treasury Management Agency;

“enactment” has the same meaning as in the Interpretation Act 2005;

“Minister” means Minister for Finance.

3. Expenses

3.(1) The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Public Expenditure and Reform, be paid out of moneys provided by the Oireachtas.

(2) The expenses incurred by the Minister for Public Expenditure and Reform in the administration of this Act shall be paid out of moneys provided by the Oireachtas.

4. Orders

4. Every order (other than an order under section 1(3)) made under this Act shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next 21 days on which that House has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done under the order.

5. Amendments

5.(1) The Acts specified in each Part of Schedule 1 are amended to the extent specified in column (3) of that Part of that Schedule.

(2) The statutory instruments specified in each Part of Schedule 2 are amended to the extent specified in column (3) of that Part of that Schedule.

(3) The amendment of a statutory instrument by subsection (2) does not prevent or restrict the subsequent amendment or revocation of the instrument by another statutory instrument.

6. Repeals

6. The following enactments are repealed:

(a) the National Pensions Reserve Fund Act 2000 (other than section 30);

(b) the National Development Finance Agency Act 2002;

(c) the National Development Finance Agency (Amendment) Act 2007;

(d) the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009 (other than sections 9 and 11 to 13).

PART 2 National Treasury Management Agency

7. Interpretation

7. Section 1(1) of the Act of 1990 is amended by inserting the following definitions:

" ‘appointed member’ means a member of the Agency appointed under section 3A(1)(a);

‘the Chairperson’ means the Chairperson of the Agency;

‘local authority’ has the same meaning as in the Local Government Act 2001;”.

8. Membership

8. (1) The Act of 1990 is amended by inserting the following section after section 3:

“Membership of Agency

3A. (1) The Agency shall comprise—

(a) 6 members who shall be appointed by the Minister, and

(b) the Chief Executive, the Secretary General of the Department of Finance and the Secretary General of the Department of Public Expenditure and Reform as ex officio members.

(2) The Minister shall appoint a person to be an appointed member only if, in the opinion of the Minister, the person has expertise and experience at a senior level in one or more of the following areas:

(a) investment;

(b) treasury management;

(c) business management;

(d) finance;

(e) economics or economic development;

(f) law;

(g) accounting and auditing;

(h) actuarial practice;

(i) risk management;

(j) insurance;

(k) project finance;

(l) corporate finance;

(m) the Civil Service of the Government or the Civil Service of the State.

(3) The Minister shall, subject to subsection (2) and in so far as is reasonably practicable, ensure an equitable balance between men and women in the membership of the Agency.

(4) The Minister shall appoint one of the appointed members as the Chairperson.

(5) Schedule A shall apply in relation to the members and Chairperson.”

(2) The Act of 1990 is amended by inserting the following Schedule before the First Schedule:

“SCHEDULE A

Section 3A

Members of Agency

Disqualification from appointment

Terms of office: appointed members

(2) Of the initial appointed members, the Minister shall appoint 2 members for a term of office of 3 years and 2 members for a term of office of 4 years.

(3) Subject to subparagraph (4), an appointed member whose term of office expires by the passage of time is eligible for re-appointment as an appointed member.

(4) An appointed member is not eligible to serve for more than 2 consecutive terms of office.

Terms of office: ex officio members

Remuneration of appointed members

(2) An appointed member holds office on such terms (other than as to the payment of remuneration and allowances for expenses incurred) as the Minister determines at the time of the member’s appointment.

Disqualification for and ceasing to hold office

(a) is adjudicated bankrupt,

(b) makes a composition or arrangement with creditors,

(c) is convicted of an indictable offence in relation to a company,

(d) is convicted of an offence involving fraud or dishonesty, whether or not in connection with a company,

(e) has a declaration under section 150 of the Companies Act 1990 made against him or her or is subject, or is deemed to be subject, to a disqualification order by virtue of Part VII of that Act, or

(f) is sentenced by a court of competent jurisdiction to a term of imprisonment.

(2) If an appointed member—

(a) is nominated as a member of Seanad Éireann,

(b) is elected as a member of either House of the Oireachtas or to be a member of the European Parliament,

(c) is regarded, pursuant to Part XIII of the Second Schedule to the European Parliament Elections Act 1997, as having been elected to the European Parliament, or

(d) becomes a member of a local authority,

he or she thereupon ceases to be an appointed member.

(3) An appointed member may resign his or her membership of the Agency by letter addressed to the Minister and the resignation takes effect on the date (if any) specified in the letter or on the date the Minister receives the letter, whichever is the later.

(4) The Minister may, on reasonable notice in writing at any time, remove an appointed member from membership of the Agency (or, if the appointed member concerned is the Chairperson, either from membership of the Agency or only from being Chairperson) if—

(a) in the Minister’s opinion, the member—

(i) is not adequately performing his or her functions, whether because of incapacity through illness or injury or otherwise, or

(ii) has committed misconduct specified in the notice,

(b) the Minister is satisfied that the member has contravened the Ethics in Public Office Act 1995, or

(c) his or her removal appears to the Minister to be necessary or expedient for the effective performance by the Agency of its functions.

Filling of casual vacancies, etc.

Vacancies in membership

Chairperson

(2) The Chairperson may resign as the Chairperson (with or without also resigning as an appointed member) by letter addressed to the Minister and the resignation takes effect on the date (if any) specified in the letter or on the date the Minister receives the letter, whichever is the later.

(3) If the Chairperson dies or ceases for any reason to be an appointed member, the Minister shall appoint another appointed member to fill the vacancy as the Chairperson.

(4) The Minister may determine that the Chairperson shall be paid additional remuneration or allowances on account of his or her responsibilities as the Chairperson.”

9. Procedure

9.(1) The Act of 1990 is amended by inserting the following section after section 3A (inserted by section 8(1)):

“Procedure of Agency

3B.(1) The Agency shall hold such and so many meetings as may be necessary for the performance of its functions.

(2) Schedule B shall apply in relation to meetings of, and other procedural matters relating to, the Agency.”

(2) The Act of 1990 is amended by inserting the following Schedule after Schedule A (inserted by section 8(2)):

“SCHEDULE B

Section 3B

Meetings and Procedure of Agency

Meetings

(2) A meeting held while there is a vacancy in the Agency is validly held notwithstanding the vacancy so long as there is a quorum.

(3) At a meeting of the Agency—

(a) if the Chairperson is present, he or she shall preside over the meeting, and

(b) if the Chairperson is not present or the office of Chairperson is vacant, the members present shall choose one of the appointed members present to be chairperson of the meeting.

(4) At a meeting of the Agency each member present has a vote and any question on which a vote is required in order to establish the Agency’s view on the matter shall be determined by a majority of votes of members present and voting on the question.

(5) In the case of an equal division of votes, the Chairperson or other member presiding over the meeting has an additional casting vote.

Procedure

Electronic meetings

(2) A member of the Agency who participates in an electronic meeting is taken for all purposes to have been present at the meeting.

(3) The Agency may establish procedures for electronic meetings (including the recording of such meetings) in its rules.

Resolution by circulation of copies

(a) all of the members entitled to vote on the resolution are given notice of the resolution, and

(b) a majority of them sign a document containing a statement that they are in favour of the resolution in the document.

(2) A resolution referred to in subparagraph (1) may be passed by the members, or some of them, signing separate copies of the document referred to in clause (b) of that subparagraph if the date and time of each signature is indicated on the document.

(3) A resolution passed in accordance with this paragraph is taken to have been passed at the time when a majority of members entitled to vote on the resolution have signed, or have signed copies of, the document referred to in subparagraph (1)(b).

Seal

(2) Judicial notice shall be taken of the seal of the Agency.

(3) A document purporting to be an instrument made by, and sealed with the seal of, the Agency, and purporting to be authenticated in accordance with subparagraph (1), shall be received in evidence and be taken to be such an instrument unless the contrary is shown.

(4) Any contract or instrument which, if entered into or executed by an individual, would not require to be under seal, may be entered into or executed on behalf of the Agency by any person generally or specially authorised by the Agency to act in that behalf.”

10. Committees

10. The Act of 1990 is amended by inserting the following sections after section 5:

“Investment Committee

5A. (1) There shall be an Investment Committee of the Agency.

(2) The Investment Committee shall have the functions specified in section 41(5) of the National Treasury Management Agency (Amendment) Act 2014.

(3) The Investment Committee shall comprise—

(a) 2 of the appointed members nominated by the Agency, and

(b) not more than 5 persons who are not members of the Agency but who have acquired substantial relevant expertise and experience and who are appointed by the Agency with the consent of the Minister.

(4) No member of staff of the Agency may be appointed as a member of the Investment Committee.

(5) The Agency shall appoint one of the members of the Investment Committee appointed under subsection (3)(a) to chair the Investment Committee.

(6) A member of the Investment Committee appointed under subsection (3)(b) shall be paid such remuneration and such allowances for expenses incurred as the Agency from time to time with the consent of the Minister determines.

(7) A member of the Investment Committee holds office on such terms (other than as to the payment of remuneration and allowances for expenses incurred) as the Agency determines at the time of the member’s nomination or appointment.

(8) The Agency may regulate the procedure of the Investment Committee but, subject to that, it shall regulate its own procedure.

Other committees

5B. (1) The Agency may establish such committees as it considers appropriate to perform such of the Agency’s functions as may be delegated to any such committee.

(2) A committee established under this section may at any time be dissolved by the Agency.

(3) A committee established under this section shall comprise members appointed by the Agency.

(4) The members of a committee established under this section shall include at least one member of the Agency but may also include the Chief Executive or any other member of staff of the Agency or any other person appearing to the Agency to be suitable for appointment to the committee having regard to its functions.

(5) The Agency shall appoint one of the members of a committee who is a member of the Agency to chair it.

(6) A member of a committee established under this section who is not a member of the Agency or the Chief Executive or another member of staff of the Agency shall be paid such remuneration and such allowances in reimbursement of expenses incurred as the Agency from time to time with the consent of the Minister determines.

(7) A member of a committee established under this section holds office on such terms (other than as to the payment of remuneration and allowances for expenses incurred) as the Agency determines at the time of the member’s appointment.

(8) The Agency may regulate the procedure of a committee established under this section but, subject to that, the committee shall regulate its own procedure.”

11. Chief Executive

11. Section 6 of the Act of 1990 is amended—

(a) by substituting the following for subsection (2):

“(2) The Chief Executive shall manage and control generally the administration and business of the Agency and shall perform any other functions—

(a) conferred on the Chief Executive by or under this Act or any other enactment, or

(b) delegated to the Chief Executive by the Agency (which may delegate any specified function of the Agency or all the functions of the Agency other than specified ones).”,

(b) in subsection (3), by substituting “Agency after consultation with the Minister” for “Minister after consultation with the Committee”,

(c) by substituting the following for subsection (4):

(4) The Chief Executive may delegate to members of staff of the Agency any function—

(a) conferred on the Chief Executive by or under this Act or any other enactment, or

(b) delegated to the Chief Executive by the Agency.”,

(d) by deleting subsection (5),

(e) in subsection (6), by substituting “The Agency, with the consent of the Minister” for “The Minister”,