National Treasury Management Agency (Amendment) Act 2014

• (2) Where, in relation to any relevant residual matter—

• (a) a copy of an entry in a bankers’ book (within the meaning given by section 9(2) of the Act of 1879) falls to be produced in evidence,

• (b) the book is in the custody or under the control of the Agency or the subsidiary of the Agency, as the case may be, and

• (c) a member of staff of the Agency or an officer of the subsidiary of the Agency gives evidence (orally or by affidavit) that—

• (i) he or she truly believes that the book or record was kept in the ordinary course of the business of the Agency or the subsidiary of the Agency, and

• (ii) the book is in the custody or under the control of the Agency or the subsidiary of the Agency,

then, the requirement for proof in section 4 of the Act of 1879 shall be taken to have been satisfied.

• (3) The Act of 1879 has effect in relation to the books and records of the Agency or the subsidiary of the Agency, as the case may be, as if—

• (a) the Agency or subsidiary of the Agency were a bank,

• (b) references to bankers’ books in that Act were to the ordinary books and records of the Agency or subsidiary of the Agency, and

• (c) references in that Act to an officer of a bank were references to the Chief Executive of the Agency, a member of staff of the Agency or an officer of the subsidiary of the Agency.]

F42[Chapter 7 Use of Information

49U. Definition (Chapter 7)

49U. In this Chapter, "adviser" includes an investment adviser, an investment banker, a property valuer, a solicitor, an accountant and an auditor and any staff member or employee of, and any agent or other person acting on behalf of, an adviser.]

49V. F43[Deemed consent to disclosure of information

49V. A participating institution shall be taken for all purposes to have consented to the disclosure of information in accordance with this Chapter.]

49W. F44[Duty of confidentiality, etc., not contravened by provision of information or production of documents and books for inspection

49W.(1) The disclosure by a credit institution, IBRC or a special liquidator to the Agency or a subsidiary of the Agency, as the case may be, of information or records about a relevant residual matter, or about any person connected with a relevant residual matter, does not contravene any duty of confidentiality to which the credit institution, IBRC, the special liquidator, NAMA or a NAMA group entity or any other person is subject.

• (2) The production by a person to the Agency or a subsidiary of the Agency, as the case may be, of a document that a person could not have been compelled to produce to a court on the grounds of legal professional privilege does not constitute a waiver of that privilege from production in relation to the document.

• (3) In this section, "special liquidator" shall be construed in accordance with section 1 of the Act of 2013.]

49X. F45[Duty of confidentiality, etc., not contravened by provision of information to, or production of documents and books for inspection by, potential purchasers

49X. (1) The disclosure by the Agency or a subsidiary of the Agency, as the case may be, of information or records about a relevant bank asset to a potential purchaser or to a potential purchaser’s agent or adviser does not contravene any duty of confidentiality to which the Agency or subsidiary of the Agency is subject.

• (2) The production by the Agency or a subsidiary of the Agency, as the case may be, of any document under subsection (1) that the Agency or a subsidiary of the Agency could not have been compelled to produce to a court on the grounds of legal professional privilege does not constitute a waiver of that privilege from production in relation to the document.

• (3) The Agency or a subsidiary of the Agency, as the case may be, may disclose information to a participating institution without contravening any duty of confidentiality to which the Agency or subsidiary of the Agency is subject, but only if to do so is necessary for the proper management of relevant bank assets.]

49Y. F46[Operation of Data Protection Act 2018

49Y.(1) For the avoidance of doubt, an obligation on a credit institution or any other person under this Part to disclose information to the Agency or a subsidiary of the Agency extends to personal data within the meaning of the Data Protection Regulation.

• (2) In this section, "Data Protection Regulation" means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016¹ on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation).]

F47[CHAPTER 8 Making certain payments in certain circumstances

49Z. Making certain payments in certain circumstances

49Z.(1) In this section—

"the Acts" has the meaning given to it by section 1095 of the Taxes Consolidation Act 1997;

"Collector-General" has the meaning given to it by section 2(1) of the Taxes Consolidation Act 1997;

"outstanding tax", in relation to a relevant person, means any obligation on the relevant person arising under the Acts in relation to the payment or remittance of any taxes, interest or penalties required to be paid or remitted under the Acts;

"relevant person" means a debtor, associated debtor, guarantor, surety or chargor and includes a connected person (within the meaning given by section 10 of the Taxes Consolidation Act 1997) in relation to a debtor, associated debtor, guarantor, surety or chargor;

"tax clearance certificate" has the meaning given to it by whichever of section 1094 or 1095 of the Taxes Consolidation Act 1997 applies in the particular case.

• (2) This section applies where, in the performance of any of its functions under this Part, the Agency or a subsidiary of the Agency, as the case may be, is obliged to pay an amount of money to a relevant person.

• (3) Where this section applies, the Agency or the subsidiary of the Agency, as the case may be, shall not make any payment to a relevant person until—

• (a) the relevant person delivers to the Agency or the subsidiary of the Agency, as the case may be, or to a person authorised by the Agency or the subsidiary of the Agency, a valid tax clearance certificate issued to the relevant person by the Collector-General, or

• (b) the Collector-General has confirmed to the Agency or the subsidiary of the Agency, as the case may be, following a request from the Agency or the subsidiary that it has no objection to the making of a payment to the relevant person.

• (4) Where a relevant person is unable to produce a valid tax clearance certificate to the Agency or a subsidiary of the Agency, as the case may be, because of any outstanding tax and the Agency or the subsidiary of the Agency is obliged to pay an amount of money to the relevant person, the relevant person may issue a notice in writing to the Agency or the subsidiary of the Agency directing it to forward to the Collector General—

• (a) where the amount of money is greater than the outstanding tax, an amount of money equal to the amount of the outstanding tax, or

• (b) where the amount of money is equal to or less than the outstanding tax, that amount of money.

• (5) On receipt by the Collector-General of an amount of money paid by the Agency or the subsidiary of the Agency, as the case may be, pursuant to subsection (4), the Collector-General shall notify the relevant person.]

F48[Chapter 9 Agency, subsidiary of Agency not to be taken to be carrying on banking business, etc.

49AA. Agency, subsidiary of Agency not to be taken to be carrying on banking business, etc.

49AA. Except pursuant to Part 23 of the Companies Act 2014, where applicable, the Agency or a subsidiary of the Agency, as the case may be, shall not be taken, in performing functions under this Part, to be providing a service or carrying on an activity which would require it to be authorised or regulated by the Central Bank.]

F49[Chapter 10 Operation of certain provisions of Land Registration Rules 2012 to 2021

49AB. Operation of certain provisions of Land Registration Rules 2012 to 2021

49AB. (1) Notwithstanding anything in the Land Registration Rules 2012 to 2021, the Chief Executive of the Agency, a member of the staff of the Agency, an adviser acting on behalf of the Agency or a person nominated in writing by the Chief Executive of the Agency may inspect and take copies of any document filed in the Land Registry on a dealing or transaction with the property of any person.

• (2) This section applies only to documents relating to a relevant bank asset.

• (3) A person who seeks to inspect or take a copy of a document pursuant to subsection (1) shall produce to Tailte Éireann evidence that he or she is a person authorised under that subsection to do so.]

F50[Chapter 11 References in Companies Act 2014 to statutory auditor, audit of statutory financial statements, in relation to subsidiary of Agency

49AC. References in Companies Act 2014 to statutory auditor, audit of statutory financial statements, in relation to subsidiary of Agency

49AC.(1) A reference in the Companies Act 2014 to a "statutory auditor" shall, in relation to a subsidiary of the Agency, be construed as including a reference to the Comptroller and Auditor General.

• (2) A reference in the Companies Act 2014to "audit of the statutory financial statements" shall, in relation to a subsidiary of the Agency, be construed as including a reference to the audit of the statutory financial statements of the subsidiary of the Agency by the Comptroller and Auditor General under section 12(2A) of the Act of 1990.]

F51[Chapter 12 Offences

49AD. Offences

49AD.(1) A person who intentionally, recklessly or through gross negligence provides false or inaccurate information to the Agency or a subsidiary of the Agency commits an offence.

• (2) A person who commits an offence under this section is liable—

• (a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months or both, or

• (b) on conviction on indictment, to a fine not exceeding €5,000,000 or imprisonment for a term not exceeding 5 years or both.

• (3) Where an offence under this section—

• (a) has been committed by a body corporate, and

• (b) is proved to have been committed with the consent or connivance of, or to be attributable to any wilful neglect on the part of, a person who—

• (i) is a director, manager, secretary or other officer of the body corporate, or

• (ii) purported to act in any such capacity,

that person as well as the body corporate shall be taken to have committed an offence and is liable to be proceeded against and punished as if he or she were guilty of the first-mentioned offence.

• (4) Where the affairs of a body corporate are managed by its members, subsection (3) applies in relation to the acts and defaults of a member in connection with his or her functions of management as if he or she were a director or manager of the body corporate.]

PART 7 Other Provisions

Chapter 1 Dissolution of National Pensions Reserve Fund Commission

50. Dissolution of National Pensions Reserve Fund Commission

50. The National Pensions Reserve Fund Commission is dissolved.

Chapter 2 Dissolution of National Development Finance Agency

51. Dissolution of National Development Finance Agency

51. The National Development Finance Agency is dissolved.

Chapter 3 Dissolution of Committees

52. Dissolution of Advisory Committee

52. The National Treasury Management Agency Advisory Committee is dissolved.

53. Dissolution of State Claims Policy Committee

53. The committee established under section 12 of the Act of 2000 is dissolved.

Chapter 4 Transitional provisions

54. Transitional provision

54. Schedule 4 contains transitional provisions.

PART 8 Miscellaneous

55. Amendment of section 6 (directions) of State Authorities (Public Private Partnership Arrangements) Act 2002

55. The State Authorities (Public Private Partnership Arrangements) Act 2002 is amended in section 3 by inserting the following subsection after subsection (5):

• “(6) An appropriate Minister may provide, with the consent of the Minister for Finance and the Minister for Public Expenditure and Reform, a guarantee or indemnity, in such form and manner and on such terms and conditions as the appropriate Minister thinks fit, in respect of the obligations of a State authority (other than where the State authority is a Minister of the Government) under or in connection with a public private partnership arrangement.”

56. Amendment of Schedule 5 (specified bodies) to Social Welfare Consolidation Act 2005

56. Schedule 5 to the Social Welfare Consolidation Act 2005 is amended in paragraph 1(4) by inserting “the National Treasury Management Agency,” after “the National Council for Special Education,”.

SCHEDULE 1 Amendments of Acts

Section 5(1)

Part 1 Amendment of Finance Act 1970

Item (1)	Provision affected (2)	Amendment (3)
1	Section 54	Delete subsection (7B).

Part 2 Amendments of Ombudsman Act 1980

Item (1)	Provision affected (2)	Amendment (3)
1	Second Schedule	(a) Delete “71. National Development Finance Agency”.
		(b) Delete “76. National Pensions Reserve Fund Commission”.

Part 3 Amendments of National Treasury Management Agency Act 1990

Item (1)	Provision affected (2)	Amendment (3)
1	Section 1	Delete the definition of “the Committee”.
2	Section 4A	Repeal.
3	Section 9	Repeal.
4	Section 11	Substitute “Subject to section 16 of the National Treasury Management Agency (Amendment) Act 2000 and sections 30, 36 and 48 of the National Treasury Management Agency (Amendment) Act 2014, the expenses” for “The expenses”.
5	Section 16	Insert “, to such extent as may be sanctioned by the Minister for Public Expenditure and Reform,” after “shall”.
6	First Schedule	Delete paragraph (gc).
7	Second Schedule	Repeal.

Part 4 Amendments of Taxes Consolidation Act 1997

Item (1)	Provision affected (2)	Amendment (3)
1	Section 38(1)	Delete all of the words from “to securities” to the end of the subsection and substitute “to securities specified in the Table to section 37.”
2	Section 172A(1)(a)	In subparagraph (i) of the definition of “relevant distribution”:
		(a) insert the following clauses after clause (I):
		“(IA) the National Treasury Management Agency,
		(IB) a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner,”;
		(b) delete clause (II);
		(c) delete clause (III).
3	Section 230	Insert the following subsection after subsection (1):
		“(1A) Notwithstanding any provision of the Corporation Tax Acts, profits arising to a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner shall be exempt from corporation tax.”
4	Section 230A	Repeal.
5	Section 230AB	Repeal.
6	Section 246(3)	Insert the following paragraphs after paragraph (eb):
		“(ec) interest paid to—
		(i) the National Treasury Management Agency,
		(ii) the State acting through the National Treasury Management Agency, or
		(iii) a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner,
		(ed) interest paid by a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner,”.
7	Section 256(1)	In paragraph (a) of the definition of “relevant deposit”:
		(a) insert the following subparagraph after subparagraph (ii):
		“(iia) a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner,”;
		(b) delete subparagraph (iiia) ;
		(c) delete subparagraph (iiib) ;
		(d) delete subparagraph (iiic).
8	Section 607(1)	Delete paragraph (fa).
9	Section 730D	In subsection (2):
		(a) insert the following paragraphs after paragraph (c):
		“(ca) where the life policy is an asset held by the National Treasury Management Agency or the State acting through the National Treasury Management Agency, and the National Treasury Management Agency has made a declaration to that effect to the assurance company, or
		(cb) where the life policy is an asset held by a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner, and the National Treasury Management Agency has made a declaration to that effect to the assurance company.”;
		(b) delete paragraph (d) ;
		(c) delete paragraph (e).
10	Section 739D	In subsection (6):
		(a) insert the following paragraph after paragraph (ka):
		“(kb) is the National Treasury Management Agency or a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner, or the State acting through the National Treasury Management Agency, and the National Treasury Management Agency has made a declaration to that effect to the investment undertaking, or”;
		(b) delete paragraph (l).
11	Schedule 13	Delete “139. National Development Finance Agency.”
12	Schedule 15	(a) Insert the following paragraph after paragraph 33:
		“33A. A Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner.”
		(b) Delete paragraph 34.
		(c) Delete paragraph 34A.
		(d) Delete paragraph 34B.
		(e) Delete paragraph 35.

Part 5 Amendments of Stamp Duties Consolidation Act 1999

Item (1)	Provision affected (2)	Amendment (3)
1	Section 108A	Repeal.
2	New section	Insert the following section after section 108B:
		“Ireland Strategic Investment Fund
		108C. Stamp duty shall not be chargeable under or by reference to any Heading in Schedule 1 on an instrument for the sale, transfer, lease or other disposition of any property, asset or documentation to a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister is the sole beneficial owner.”

Part 6 Amendments of National Treasury Management Agency (Amendment) Act 2000

Item (1)	Provision affected (2)	Amendment (3)
1	Sections 12 to 14	Repeal sections 12 to 14.
2	Section 15	Delete “the Policy Committee and”.

Part 7 Amendments of State Authorities (Public Private Partnership Arrangements) Act 2002

Item (1)	Provision affected (2)	Amendment (3)
1	Schedule	(a) Delete “The National Development Finance Agency.”
		(b) Insert “The National Treasury Management Agency.”

Part 8 Amendment of Credit Institutions (Stabilisation) Act 2010

Item (1)	Provision affected (2)	Amendment (3)
1	Section 76	Repeal.

Part 9 Amendments of Ministers and Secretaries (Amendment) Act 2011

Item (1)	Provision affected (2)	Amendment (3)
1	Section 21(2)	Delete paragraphs (e), (f) and (g).

Part 10 Amendment of Education and Training Boards Act 2013

Item (1)	Provision affected (2)	Amendment (3)
1	Part 9	Repeal.

SCHEDULE 2 Amendments of Statutory Instruments

Section 5(2)

Part 1 Amendments of Ethics in Public Office (Prescribed Public Bodies, Designated Directorships of Public Bodies and Designated Positions in Public Bodies) Regulations 2004 (S.I. No. 699 of 2004)

Item (1)	Provision affected (2)	Amendment (3)
1	Schedule	(a) Delete reference number 188.
		(b) Delete reference number 189.
		(c) Substitute the following for reference number 190:
“190	Investment Committee of the National Treasury Management Agency	Investment Committee members
		Investment Committee chairperson”.
		(d) Insert the following in column (3) of reference number 191: “Chairperson of Agency Members of Agency”.

Part 2 Amendments of Official Languages Act 2003 (Public Bodies) Regulations 2006 (S.I. No. 150 of 2006)

Item (1)	Provision affected (2)	Amendment (3)
1	Schedule 1	(a) Delete the following:
	“the National Development Finance Agency	An Ghníomhaireacht Náisiúnta Forbartha Airgeadais”.
		(b) Delete the following:
	“the National Pensions Reserve Fund Commission	Coimisiún an Chúlchiste Náisiúnta Pinsean”.

Part 3 Amendments of European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007)

Item (1)	Provision affected (2)	Amendment (3)
1	Regulation 5(1)	(a) Delete paragraph (ga).
		(b) Substitute the following for paragraph (gb):
		“(gb) any Fund investment vehicle (within the meaning given by section 37 of the National Treasury Management Agency (Amendment) Act 2014;”.

Part 4 Amendment of Return of Payments (Banks, Building Societies, Credit Unions and Savings Banks) Regulations 2008 (S.I. No. 136 of 2008)

Item (1)	Provision affected (2)	Amendment (3)
1	Schedule 2	In paragraph 6 delete paragraph (e).

Part 5 Amendments of General Government Secured Borrowings Order 2011 (S.I. No. 40 of 2011)

Item (1)	Provision affected (2)	Amendment (3)
1	Schedule	(a) Delete “National Development Finance Agency (NDFA)”.
		(b) Substitute “Ireland Strategic Investment Fund” for “National Pensions Reserve Fund”.

Part 6 Amendment of Return of Payments (Insurance Undertakings) Regulations 2011 (S.I. No. 641 of 2011)

Item (1)	Provision affected (2)	Amendment (3)
1	Regulation 2	(a) Delete the definition of “Commission investment vehicle”.
		(b) Insert the following definition:
		“ ‘Fund investment vehicle’ has the same meaning as in section 37 of the National Treasury Management Agency (Amendment) Act 2014;”.
2	Schedule 2	In paragraph 6—
		(a) substitute the following for subparagraph (e):
		“(e) the National Treasury Management Agency, a Fund investment vehicle, or the State acting through the National Treasury Management Agency or through a Fund investment vehicle,”,
		and
		(b) delete subparagraph (g).

SCHEDULE 3 State Authorities

Section 29

SCHEDULE 4 Transitional Provisions

Section 54

Part 1 Introductory

Interpretation

“Commission” means the National Pensions Reserve Fund Commission;

“Commission dissolution date” means the date on which the dissolution of the Commission takes place;

“Finance Agency” means the National Development Finance Agency;

“Finance Agency dissolution date” means the date on which the dissolution of the Finance Agency takes place;

“foreign law” means the law of a state (including the law of a territorial unit of a state), other than the State;

“Fund constitution date” means the date on which Part 6 of this Act comes into operation;

“interim period” means the period beginning with the Fund constitution date and ending immediately before the Commission dissolution date.

Part 2 Transfers on Fund Constitution Date

Transfer of property from Commission to Agency on Fund constitution date

• (2) Every chose-in-action transferred to the Agency by subparagraph (1) may, on and from the Fund constitution date, be sued on, recovered or enforced by the Agency in its own name, and it shall not be necessary for the Agency to give notice of the transfer effected by that subparagraph to any person bound by the chose-in- action.

Transfer of Commission’s rights and liabilities to Agency on Fund constitution date

• (2) Every right and liability transferred to the Agency by subparagraph (1) may, on and after the Fund constitution date, be sued on, recovered or enforced by or against the Agency in its own name, and it shall not be necessary for the Agency to give notice of the transfer effected by that subparagraph to the person whose right or liability is transferred.

• (3) Every lease, licence or permission granted by the Commission in any property transferred to the Agency by paragraph 2 shall continue in force on and after the Fund constitution date as if granted by the Agency.

Liability for loss occurring before Fund constitution date

• (2) Where immediately before the Fund constitution date, any legal proceedings are pending in any court or tribunal to which the Commission is a party, the name of the Agency shall be substituted for that of the Commission and the proceedings shall not abate by reason of such substitution.

• (3) Where, before the Fund constitution date, agreement has been reached between the parties concerned in settlement of a claim to which subparagraph (1) relates and the terms of the agreement have not been implemented, or judgment in such a claim has been given in favour of a person but has not been enforced, then the terms of the agreement or judgment, as the case may be, shall, in so far as they would have been enforceable against the Commission, be enforceable against the Agency and not the Commission.

• (4) Any claim made or proper to be made by the Commission in respect of any loss or injury arising from the act or default of any person before the Fund constitution date shall on and after that date be regarded as having been made by or proper to be made by the Agency and may be pursued and sued for by the Agency as if the loss or injury had been suffered by the Agency.

Provisions consequent upon transfer of assets and liabilities of Commission on Fund constitution date

• (2) Every instrument made under an enactment and every document (including any certificate) granted or made by the Commission, shall, if and in so far as it was operative immediately before the Fund constitution date, have effect on or after that date as if it had been granted or made by the Agency.

• (3) Any money, stocks, shares or securities transferred by this Part that immediately before the Fund constitution date were standing in the name of the Commission shall, on the request of the Agency, be transferred into its name.

• (4) A certificate signed by the Minister that any property, right or liability is or, as the case may be, is not held by the Agency by virtue of this Part shall be sufficient evidence, unless the contrary is shown, of the fact so certified for all purposes.

Records held by Commission at Fund constitution date

Property, rights and liabilities governed by foreign law, etc.

Part 3 Foreign Property etc.: Interim Period

Foreign assets and liabilities of Commission

“foreign asset” means any property or rights which would be transferred by Part 2 of this Schedule were the property or rights not governed by foreign law;

“foreign liability” means any liability which would be transferred by Part 2 of this Schedule were the liability not governed by foreign law.

• (2) The Commission shall during the interim period do everything that it is reasonably practicable to do to give effect to the transfer of all foreign assets to the Agency.

• (3) If the transfer of any foreign asset is not reasonably practicable the Commission shall dispose of the foreign asset and pay the proceeds to the Agency for payment into the Ireland Strategic Investment Fund.

• (4) The Commission shall during the interim period do everything that it is reasonably practicable to do to transfer all foreign liabilities to the Agency.

• (5) If the transfer of any foreign liability is not reasonably practicable, the Agency shall on and after the Fund constitution date be responsible for discharging the Commission’s obligations under that liability.

• (6) The Commission shall during the interim period obtain, make, maintain and comply with any authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration that is necessary in the State and in any other place in connection with ensuring the validity and enforceability of any act, matter or thing referred to in this paragraph.

• (7) The terms of any transfer or disposal of a foreign asset and the terms of any transfer of a foreign liability under this paragraph shall be subject to consultation with the Agency.

• (8) Paragraphs 4, 5(1) and (2) and 6 apply to claims or legal proceedings, things commenced, instruments or other documents or records which relate to any foreign asset or foreign liability as if the references in them to the Fund constitution date were to the date on which the foreign asset or foreign liability is transferred, the proceeds of the disposal of the foreign asset is paid to the Agency or the Agency becomes responsible for discharging the Commission’s obligations under the foreign liability.

Operation of National Pensions Reserve Fund Act 2000 during the interim period

• (a) as if in section 5(1) the reference to that Act included a reference to this Schedule,

• (b) as if section 6(1)(a) to (d) and (g) to (i) and (l) and (2)(f) were omitted,

• (c) as if in section 7—

• (i) subsection (1) provided for the Commission to consist of the Chief Executive of the Agency as commissioner,

• (ii) subsections (2) to (10) were omitted,

• (iii) in subsection (11) the reference to the commissioners were to the commissioner, and

• (iv) subsections (12) to (18) were omitted,

• (d) as if sections 8 and 9 were omitted,

• (e) as if in section 10—

• (i) subsection (2) referred to the authentication of the seal by signature of the commissioner or 2 members of the staff of the Manager authorised by the commissioner, and

• (ii) subsection (4) referred to the entry into and execution of any contract or instrument by the commissioner or 2 members of the staff of the Manager authorised by the commissioner,

• (f) as if sections 11 and 12 were omitted,

• (g) as if section 14 were omitted,

• (h) as if section 15(4) were omitted,

• (i) as if section 15A were omitted,

• (j) as if section 16 were omitted,

• (k) as if in section 17(1) —

• (i) the reference to that Act included a reference to this Schedule, and

• (ii) the reference to the National Pensions Reserve Fund were to the Ireland Strategic Investment Fund,

• (l) as if in section 18—

• (i) in subsection (1) the words after “Reserve Fund”, and

• (ii) subsections (2) to (5F) and (8),

were omitted,

• (m) as if in section 19—

• (i) subsection (1) were omitted, and

• (ii) subsection (2) required the receipts mentioned in it to be paid to the Agency for payment into the Ireland Strategic Investment Fund, and

• (iii) subsection (3) were omitted,

• (n) as if sections 19A to 19C were omitted,

• (o) as if sections 20 and 20A were omitted,

• (p) as if in section 21(1) and (5) the references to that Act included a reference to this Schedule,

• (q) as if in section 25(1) the reference to the chairperson were to the commissioner,

• (r) as if in section 26(3) the reference to the Chief Executive Officer of the Manager and by a commissioner authorised for that purpose were to the commissioner, and

• (s) as if section 27(2) were omitted.

Part 4 Transfers on Finance Agency Dissolution Date

Transfer of property from Finance Agency to Agency on Finance Agency dissolution date

• (2) Every chose-in-action transferred to the Agency by subparagraph (1) may, on and from the Finance Agency dissolution date, be sued on, recovered or enforced by the Agency in its own name, and it shall not be necessary for the Agency to give notice of the transfer effected by that subparagraph to any person bound by the chose-in-action.

Transfer of Finance Agency’s rights and liabilities to Agency on Finance Agency dissolution date

• (2) Every right and liability transferred to the Agency by subparagraph (1) may, on and after the Finance Agency dissolution date, be sued on, recovered or enforced by or against the Agency in its own name, and it shall not be necessary for the Agency to give notice of the transfer effected by that subparagraph to the person whose right or liability is transferred.

• (3) Every lease, licence or permission granted by the Finance Agency in any property vested in the Agency by or under this Part shall continue in force on and after the Finance Agency dissolution date as if granted by the Agency.

Liability for loss occurring before Finance Agency dissolution date

• (2) Where immediately before the Finance Agency dissolution date, any legal proceedings are pending in any court or tribunal to which the Finance Agency is a party, the name of the Agency shall be substituted for that of the Finance Agency and the proceedings shall not abate by reason of such substitution.

• (3) Where, before the Finance Agency dissolution date, agreement has been reached between the parties concerned in settlement of a claim to which subparagraph (1) relates and the terms of the agreement have not been implemented, or judgment in such a claim has been given in favour of a person but has not been enforced, then the terms of the agreement or judgment, as the case may be, shall, in so far as they would have been enforceable against the Finance Agency, be enforceable against the Agency and not the Finance Agency.

• (4) Any claim made or proper to be made by the Finance Agency in respect of any loss or injury arising from the act or default of any person before the Finance Agency dissolution date shall on and after that date be regarded as having been made by or proper to be made by the Agency and may be pursued and sued for by the Agency as if the loss or injury had been suffered by the Agency.

Provisions consequent upon transfer of assets and liabilities of the Finance Agency

• (2) Every instrument made under an enactment and every document (including any certificate) granted or made by the Finance Agency, shall, if and in so far as it was operative immediately before the Finance Agency dissolution date, have effect on or after that date as if it had been granted or made by the Agency.

• (3) A certificate signed by the Minister that any property, right or liability has or, as the case may be, has not vested in the Agency under this Part shall be sufficient evidence, unless the contrary is shown, of the fact so certified for all purposes.

Records held by Finance Agency at Finance Agency dissolution date

Part 5 Accounts and Reports

Final accounts of Commission

• (2) If the accounts kept in pursuance of the said section 26 for the immediately preceding financial year have not been signed, adopted and submitted in accordance with subsection (3) of that section before the Commission dissolution date, the Agency shall adopt them and submit them to the Comptroller and Auditor General for audit, either separately or consolidated with the accounts required to be submitted by subparagraph (1).

• (3) The Agency shall submit accounts required by subparagraph (1) or (2) not later than 4 months after the Commission dissolution date.

• (4) A copy of the accounts submitted under subparagraph (1) or (2) as audited by the Comptroller and Auditor General shall be presented to the Minister as soon as may be and the Minister shall cause a copy of the accounts as so audited to be laid before each House of the Oireachtas.

• (5) If the accounts kept in pursuance of section 26 of the National Pensions Reserve Fund Act 2000 for the immediately preceding financial year have been submitted in accordance with subsection (3) of that section, but not presented to the Minister, before the Commission dissolution date they shall, once audited by the Comptroller and Auditor General, be presented to the Minister as soon as may be and the Minister shall cause a copy of the accounts as so audited to be laid before each House of the Oireachtas.

Final accounts of Finance Agency

• (2) If the accounts kept in pursuance of the said section 20 for the immediately preceding financial year have not been adopted and submitted in accordance with subsection (3) of that section before the Finance Agency dissolution date, the Agency shall adopt them and submit them to the Comptroller and Auditor General for audit, either separately or consolidated with the accounts required to be submitted by subparagraph (1).

• (3) The Agency shall submit accounts required by subparagraph (1) or (2) not later than 4 months after the Finance Agency dissolution date.

• (4) A copy of the accounts submitted under subparagraph (1) or (2) as audited by the Comptroller and Auditor General shall be presented to the Minister as soon as may be and the Minister shall cause a copy of the accounts as so audited to be laid before each House of the Oireachtas.

• (5) If the accounts kept in pursuance of section 20 of the National Development Finance Agency Act 2002 for the immediately preceding financial year have been submitted in accordance with subsection (3) of that section, but not presented to the Minister, before the Finance Agency dissolution date they shall, once audited by the Comptroller and Auditor General, be presented to the Minister as soon as may be and the Minister shall cause a copy of the accounts as so audited to be laid before each House of the Oireachtas.

Final annual report of Commission

• (2) If the report required by section 27 of the National Pensions Reserve Fund Act 2000 of the Commission’s activities for the immediately preceding financial year has not been made to the Minister before the Commission dissolution date, the Agency shall also make that report to the Minister or include its contents in the report required to be made by subparagraph (1).

• (3) A report under subparagraph (1) or (2) shall include information in such form and regarding such matters as the Minister may direct.

• (4) The Agency shall make a report required by subparagraph (1) or (2) not later than 6 months after the Commission dissolution date.

• (5) The Minister shall cause copies of a report received under subparagraph (1) or (2) to be laid before each House of the Oireachtas.

Final annual report of Finance Agency

• (2) If the report required by section 21 of the National Development Finance Agency Act 2002 of the Finance Agency’s activities for the immediately preceding financial year has not been made to the Minister before the Finance Agency dissolution date, the Agency shall also make that report to the Minister or include its contents in the report required to be made by subparagraph (1).

• (3) A report under subparagraph (1) or (2) shall include information in such form and regarding such matters as the Minister may direct.

• (4) The Agency shall make a report required by subparagraph (1) or (2) not later than 6 months after the Finance Agency dissolution date.

• (5) The Minister shall cause copies of a report received under subparagraph (1) or (2) to be laid before each House of the Oireachtas.

Part 6 Other Provisions

Chief Executive’s accountability for dissolved bodies

• (a) the regularity and propriety of the transactions recorded or required to be recorded in any book or other record of account subject to audit by the Comptroller and Auditor General that it was required by or under any enactment to prepare;

• (b) its economy and efficiency in the use of its resources;

• (c) the systems, procedures and practices employed by it for the purpose of evaluating the effectiveness of its operations; and

• (d) any matter affecting it referred to in a special report of the Comptroller and Auditor General under section 11(2) of the Comptroller and Auditor General (Amendment) Act 1993, or (in so far as it relates to a matter specified in clause (a), (b) or (c)) in any other report of the Comptroller and Auditor General that is laid before Dáil Éireann.

• (2) In the performance of his or her duties under subparagraph (1), the Chief Executive 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.

No requirement to pay into National Pensions Reserve Fund in year of transfer

Pre-commencement directed investments

Action commenced before reconstitution of Agency

Chief Executive

Footnotes