Council of europe development bank act 2004

• Act Number: 37
• Enactment Date: 27 November 2004

Number 37 of 2004
COUNCIL OF EUROPE DEVELOPMENT BANK ACT 2004
ARRANGEMENT OF SECTIONS
Section 1. Definitions. 2. Approval of terms of Agreement. 3. Financial and other provisions. 4. Amendment of the Diplomatic Relations and Immunities Act 1967. 5. Short title and collective citation.
SCHEDULE 1
SCHEDULE 2
Acts Referred to Diplomatic Relations and Immunities Act 1967 1967, No. 8 Diplomatic Relations and Immunities Acts 1967 and 1976
Number 37 of 2004
COUNCIL OF EUROPE DEVELOPMENT BANK ACT 2004
AN ACT TO PROVIDE FOR THE APPROVAL OF THE TERMS OF THE AGREEMENT FOR THE COUNCIL OF EUROPE DEVELOPMENT BANK AND TO PROVIDE FOR MATTERS (INCLUDING PAYMENTS) RELATED TO THAT AGREEMENT. [27th November, 2004]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
	Definitions.	1.—In this Act—
	“Agreement” means the Articles of Agreement of the Council of Europe Development Bank, the text of which is set out in Schedule 1 to this Act;
	“Bank” means the Council of Europe Development Bank, which was formerly known and is referred to in the Third Protocol to the General Agreement on Privileges and Immunities of the Council of Europe done at Strasbourg on 6 March 1959 as the Council of Europe Resettlement Fund, and whose name was duly changed on 1 November 1999.
	Approval of terms of Agreement.	2.—The terms of the Agreement (which is set out in Schedule 1 to this Act) and the Third Protocol to the General Agreement on the Privileges and Immunities of the Council of Europe (which is set out in Schedule 2 to this Act) are hereby approved.
	Financial and other provisions.	3.—(1) Payments under the Agreement in respect of subscription to the Bank, as and when such payments become appropriate to be made on behalf of the State, shall be made out of the Central Fund or the growing produce thereof.
	(2) 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.
	(3) The Central Bank and Financial Services Authority of Ireland shall act as a depository for the holdings in Euro and other assets of the Bank.
	(4) This section comes into operation on the day on which the State becomes a member of the Bank in accordance with the terms of the Agreement.
	Amendment of the Diplomatic Relations and Immunities Act 1967.	4.—The Diplomatic Relations and Immunities Act 1967 is amended—
	(a) in section 21—
	(i) by inserting the following after the definition of “the Agreement”:
	“ ‘the Bank’ means the Council of Europe Development Bank as established by the Articles of Agreement of the Council of Europe Development Bank, the text of which is set out in Schedule 1 to the Council of Europe Development Bank Act 2004;”,
	and
	(ii) by inserting the following after the definition of “the Second Protocol”:
	“ ‘the Third Protocol’ means the Third Protocol to the Agreement done at Strasbourg on the 6th day of March 1959, as set out in the Fifth Schedule to this Act;”,
	(b) by inserting the following after section 21:
“Construction of certain references in Third Protocol. 21A.— In the Third Protocol— (a) references to the Council of Europe Resettlement Fund shall, pursuant to a decision of the Governing Board of 28 June 1999, which came into force on 1 November 1999, be read as references to the Council of Europe Development Bank, and (b) references to the Governing Body shall, pursuant to the Articles of Agreement approved in 1993, be read as references to the Governing Board.”,
	(c) by inserting the following after section 24:
“General immunities in relation to Bank. 24A.—The Bank and its property and a person in relation to whom the Third Protocol applies and the property of such a person shall have and enjoy inviolability, exemptions, facilities, immunities, privileges and the rights in such manner, to such extent and subject to such limitations (including the waiver thereof) as are provided for in each case by the Third Protocol.”,
	(d) in Part IX of the Fifth Schedule, by inserting the text set out in Schedule 2 to this Act after the text of the Second Protocol to the General Agreement on the Privileges and Immunities of the Council of Europe.
	Short title and collective citation.	5.—(1) This Act may be cited as the Council of Europe Development Bank Act 2004.
	(2) The Diplomatic Relations and Immunities Acts 1967 and 1976, section 4 of this Act and this subsection may be cited together as the Diplomatic Relations and Immunities Acts 1967 to 2004.
SCHEDULE 1 COUNCIL OF EUROPE DEVELOPMENT BANK
Section 1.
ARTICLES OF AGREEMENT
Article I Establishment of the Bank
A Council of Europe Development Bank (hereinafter called “the Bank2”) shall be established.
The Bank shall be attached to the Council of Europe and administered under its supreme authority.
Article II Purpose
a. The primary purpose of the Bank is to help in solving the social problems with which European countries are or may be faced as a result of the presence of refugees, displaced persons or migrants consequent upon movements of refugees or other forced movements of populations and as a result of the presence of victims of natural or ecological disasters.
The investment projects to which the Bank contributes may be intended either to help such people in the country in which they find themselves or to enable them to return to their countries of origin when the conditions for return are met or, where applicable, to settle in another host country. These projects must be approved by a Member of the Bank.
b. The Bank may also contribute to the realisation of investment projects approved by a Member of the Bank which enable jobs to be created in disadvantaged regions, people in low income groups to be housed or social infrastructure to be created.
Article III Membership of the Bank
a. Any Member State of the Council of Europe may become a Member of the Bank by addressing a declaration to the Secretary General. This declaration shall contain acceptance of the present Articles of Agreement by the Government of the State concerned and the subscription by that Government of the number of participating certificates fixed in agreement with the Governing Board, in pursuance of Article IX, Section 3. paragraph 1. litt. a. of the Articles of Agreement.
b. A European State which is not a member of the Council of Europe may:
i. either be admitted as a Member of the Bank upon such special conditions as the Bank shall lay down in each case, in accordance with the provisions of Article IX, Section 3. paragraph 1. litt b. A State in respect of which such a decision on admission has been made shall be able to become a Member of the Bank by depositing with the Secretary General of the Council of Europe an instrument stating that it accepts the present Articles of Agreement, subscribes the number of participating certificates fixed in agreement with the Governing Board, has taken the measures necessary to enable it to meet all the obligations resulting from the Articles of Agreement and has met all the admission conditions laid down by the Governing Board;
ii. or conclude with the Bank an association agreement upon such special conditions as the Bank may lay down in each case.
c. Upon the conditions laid down by the Governing Board, international institutions with a European focus may also become Members of the Bank or conclude an association agreement.
d. Any State becoming a Member of the Bank shall confirm, in its declaration or its instrument of acceptance of the Articles of Agreement, its intention:
i. to accede at the earliest opportunity to the Third Protocol to the General Agreement on Privileges and Immunities of the Council of Europe;
ii. pending such accession, to apply the legal arrangements resulting from the Protocol to the property, assets and operations of the Bank and to grant to the organs and staff of the Bank the legal status resulting from the Protocol.
Article IV Obligations of Members
Section 1 — Participating certificates
The Bank shall issue for subscription by its Members participating certificates, expressed in terms of euros (EUR). Each certificate shall have the same nominal value of EUR1,000. Members shall pay their subscriptions in euros.
Section 2 — Apportionment and paying up of participating certificates
a. The table appended to the present Articles of Agreement lays down the percentage apportionment of the participating certificates offered for subscription by each Member of the Bank.
b. The number of participating certificates to be held by new Members of the Bank shall be fixed in agreement with the Governing Board of the Bank, in accordance with Article IX, Section 3. paragraph 1. litt. a. and b. of the present Articles of Agreement.
c. The minimum percentage of subscribed participating certificates to be paid up, and the dates of the relevant payments, shall be fixed by the Governing Board.
d. When the Bank's capital is increased, the Governing Board shall determine, upon uniform conditions for all Members, the percentage to be paid up and the corresponding payment dates.
Section 3 — Limitation of liability
No Member shall be liable to third parties for any obligation of the Bank.
Article V Borrowing operations and contributions
For uses consistent with its purpose, the Bank may make borrowings. It may also carry out any other financial transactions useful for the achievement of its purpose under conditions laid down by the Administrative Council.
The Bank is empowered to receive contributions offered for specific purposes which come within its stated aims.
Article VI Investments
The Bank's liquid assets, capital...