Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Act 2024

• Jurisdiction: Ireland
• Year: 2024
• Citation: IR No. 3/2024

Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Act 2024

2024 3

An Act to enable the State to participate in certain donor or trust funds established by the European Investment Bank, the Council of Europe Development Bank or the European Bank for Reconstruction and Development, and, for that purpose, to enable the State to enter into certain contribution agreements related to those funds prescribed by the Minister for Finance, and for those and other purposes to amend the European Bank for Reconstruction and Development Act 1991 and the Council of Europe Development Bank Act 2004; to enable the State to participate in the provision of exceptional macro-financial assistance by the European Union to Ukraine and, for that purpose to enable the State to enter into the guarantee agreement provided for in Article 10 of Decision (EU) 2022/1628 of the European Parliament and of the Council of 20 September 20221 and a contribution agreement as provided for in Article 7(1) of Regulation (EU) 2022/2463 of the European Parliament and of the Council of 14 December 20222; to amend section 38 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010; and to provide for related matters.

[14 February 2024]

Be it enacted by the Oireachtas as follows: 1 OJ No. L 245, 22.9.2022, p.1. 2 OJ No. L 322, 16.12.2022, p. 1.

1 Short title and commencement

(1) This Act may be cited as the Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Act 2024.

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

2 Definition

2. In this Act, “Minister” means the Minister for Finance.

3 Prescribed European Investment Bank Contribution Agreements

(1) The Minister may by order prescribe a contribution agreement between the State and the European Investment Bank (in this section referred to as a “prescribed EIB Contribution Agreement”) for the purposes of this section where—

(a)

the contribution agreement relates to a trust fund or other contribution-based financing mechanism established by the European Investment Bank for the purpose of granting finance in accordance with its Statute, and

(b)

the contribution agreement specifies—

(i) the amount that the State agrees to contribute to the trust fund or other contribution-based financing mechanism concerned, and

(ii) the terms on which the contribution shall be made.

(2) Where the Minister makes an order under subsection (1), the terms of the prescribed EIB Contribution Agreement concerned shall be appended to the order.

(3) The State may enter into a prescribed EIB Contribution Agreement.

(4) For the purposes of subsection (3), the Minister—

(a)

may execute the prescribed EIB Contribution Agreement concerned and enter into the commitments provided under that agreement, and

(b)

shall have all such powers as may be required to do anything necessary or expedient to be done for the purposes of the performance by the State of its obligations under the agreement.

(5) Subject to subsection (6), the State may agree to an amendment being made to a prescribed EIB Contribution Agreement.

(6) Where any amendment is proposed to be made to a prescribed EIB Contribution Agreement, a draft of the proposed agreement providing for the amendment and containing the text of the amendment shall be laid by the Minister before Dáil Éireann and the amendment shall not be made unless and until a resolution approving the amendment has been passed by that House.

(7) Any amendment made to a prescribed EIB Contribution Agreement in accordance with subsections (5) and (6) shall be published in Iris Oifigiúil by or on behalf of the Minister.

(8) A reference in this section to a prescribed EIB Contribution Agreement shall, where the context so admits, include a reference to that agreement as amended in accordance with subsections (5) and (6).

(9) There may be paid out of the Central Fund, or the growing produce thereof, such sums, not exceeding, in the aggregate—

(a)

in respect of a single prescribed EIB Contribution Agreement, the sum of €35,000,000, and

(b)

in respect of all prescribed EIB Contribution Agreements, the sum of €175,000,000,

as may be required to enable the State to comply with its obligations under each prescribed EIB Contribution Agreement.

(10) All moneys received by or on behalf of the State by way of repayment of sums paid in accordance with a prescribed EIB Contribution Agreement 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.

(11) For the purposes of the calculation of the aggregate amount of any payment that may be made by the Minister in accordance with subsection (9), account shall be taken of any moneys received by or on behalf of the State in accordance with subsection (10).

(12) In respect of each reporting period the Minister shall, as soon as practicable after the end of the period, cause a report to be laid before Dáil Éireann which includes the following information:

(a)

the aggregate amount of payments (if any) made by the State to enable it to comply with its obligations under each prescribed EIB Contribution Agreement during the reporting period concerned;

(b)

the aggregate amount of payments (if any) made by the State to enable it to comply with its obligations under each prescribed EIB Contribution Agreement from the date of the coming into operation of this section to the end of the reporting period concerned.

(13) An order under subsection (1) 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 sits after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

(14) In this section, “reporting period” means—

(a)

in the case of the first report made undersubsection (12), the period beginning on the date of the coming into operation of this section and ending on 31 December next following that date, and

(b)

in the case of each subsequent report made undersubsection (12), the period beginning on 1 January and ending on 31 December next following the immediately preceding reporting period.

4 Definition (Part 3)

4. In this Part, “Act of 1991” means the European Bank for Reconstruction and Development Act 1991.

5 Amendment of section 1 of Act of 1991

5. Section 1 of the Act of 1991 is amended by the substitution of the following definition for the definition of “the Agreement”:

“ ‘the Agreement’ means the Agreement establishing the European Bank for Reconstruction and Development done at Paris on the 29th day of May 1990, as amended by resolutions adopted on the 30th day of January 2004 and the 30th day of September 2011, respectively, by the Board of Governors of the Bank (the text of which, in the English language, is, for convenience of reference, set out in the Schedule to this Act), and any further amendments to the Agreement approved by Dáil Éireann, whether pursuant to Article 29.5.2° of the Constitution or otherwise;”.

6 Prescribed European Bank for Reconstruction and Development Contribution Agreements

6. The Act of 1991 is amended by the insertion of the following section after section 3:

“3A. (1) The Minister may by order prescribe a contribution agreement between the State and the Bank (in this section referred to as a ‘prescribed EBRD Contribution Agreement’) for the purposes of this section where—

(a) the contribution agreement relates to a Special Fund of which the Bank has accepted administration pursuant to Article 18 of the Agreement,

(b) the contribution agreement specifies—

(i) the amount that the State agrees to contribute to the Special Fund concerned, and

(ii) the terms on which the contribution shall be made,

and

(c) the terms of the contribution agreement have been approved by Dáil Éireann pursuant to Article 29.5.2° of the Constitution.

(2) Where the Minister makes an order under subsection (1), the terms of the prescribed EBRD Contribution Agreement concerned shall be appended to the order.

(3) The State may enter into a prescribed EBRD Contribution Agreement.

(4) For the purposes of subsection (3), the Minister—

(a) may execute the prescribed EBRD Contribution Agreement concerned and enter into the commitments provided under that agreement, and

(b) shall have all such powers as may be required to do anything necessary or expedient to be done for the purposes of the performance by the State of its obligations under the agreement.

(5) Subject to subsection (6), the State may agree to an amendment being made to a prescribed EBRD Contribution Agreement.

(6) Where any amendment is proposed to be made to a prescribed EBRD Contribution Agreement, a draft of the proposed agreement providing for the amendment and containing the text of the amendment shall be laid by the Minister before Dáil Éireann and the amendment shall not be made unless and until a resolution approving the amendment has been passed by that House.

(7) Any amendment made to a prescribed EBRD Contribution Agreement in accordance with subsections (5) and (6) shall be published inIris Oifigiúil by or on behalf of the Minister.

(8) A reference in this section to a prescribed EBRD Contribution Agreement shall, where the context so admits, include a reference to that agreement as amended in...