National Development Finance Agency Act, 2002

• Jurisdiction: Ireland
• Citation: IR No. 29/2002

Number 29 of 2002
NATIONAL DEVELOPMENT FINANCE AGENCY ACT, 2002
ARRANGEMENT OF SECTIONS
Section 1. Interpretation. 2. Establishment of Agency. 3. Functions of Agency. 4. Provision of advice to State authorities. 5. Establishment of special purpose companies. 6. Borrowings and other arrangements. 7. Guarantee by Minister of borrowings. 8. Obligation of State authority. 9. Transfer of property of State authority. 10. Power of Minister and Agency to advance moneys. 11. Performance of functions of Agency. 12. Board of Agency. 13. Chief Executive Officer. 14. Meetings of Board. 15. Seal of Agency. 16. Membership of either House of the Oireachtas, European Parliament or local authority, etc. 17. Disclosure of interests. 18. Prohibition on unauthorised disclosure of confidential information. 19. Prohibition on certain communications. 20. Accounts and audits. 21. Reports and information to the Minister. 22. Amendment of Schedule. 23. Amendment of section 54 of the Finance Act, 1970. 24. Amendment of First Schedule to National Treasury Management Agency Act, 1990. 25. Expenses of Minister. 26. Expenses of Agency. 27. Short title.
SCHEDULE
State Authorities
Acts Referred to Companies Act, 1963 1963, No. 33 Companies Acts, 1963 to 2001 Comptroller and Auditor General (Amendment) Act, 1993 1993, No. 8 European Parliament Elections Act, 1997 1997, No. 2 Finance Act, 1970 1970, No. 14 Harbours Acts, 1946 to 1976 Health Act, 1970 1970, No. 1 Housing (Miscellaneous Provisions) Act, 2002 2002, No. 9 Local Government Act, 2001 2001, No. 37 National Treasury Management Agency Act, 1990 1990, No. 18 Regional Technical Colleges Act, 1992 1992, No. 16 State Authorities (Public Private Partnership Arrangements) Act, 2002 2002, No. 1 Universities Act, 1997 1997, No. 24 Vocational Education Act, 1930 1930, No. 29
Number 29 of 2002
NATIONAL DEVELOPMENT FINANCE AGENCY ACT, 2002
AN ACT TO PROVIDE FOR THE ESTABLISHMENT OF A BODY TO BE KNOWN AS AN GHNÍOMHAIREACHT AIRGEADAIS D'FHORBAIRT NÁISIÚNTA, OR IN THE ENGLISH LANGUAGE, THE NATIONAL DEVELOPMENT FINANCE AGENCY AND TO DEFINE ITS FUNCTIONS AND TO PROVIDE FOR CONNECTED MATTERS.
[19th December, 2002]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
	Interpretation.	1.—(1) In this Act, except where the context otherwise requires—
	“Agency” means the National Development Finance Agency established by section 2 ;
	“appropriate Minister” means any Minister of the Government—
	(a) on whom functions stand conferred, or
	(b) who has general responsibility,
	in respect of or in connection with a public private partnership or a State authority;
	“Board” means the Board of the Agency;
	“Chief Executive Officer” means the chief executive officer of the Agency;
	“Committee of Public Accounts” means the Committee of Daíl 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;
	“company” means a company within the meaning of section 2 of the Companies Act, 1963 ;
	“equity” means any financial interest resulting from the purchase of shares for a consideration;
	“functions” includes powers and duties, and a reference to the performance of functions includes, with respect to powers and duties, a reference to the exercise of the powers and the carrying out of the duties;
	“local authority” means a county council, city council or town council for the purposes of the Local Government Act, 2001 ;
	“Minister” means the Minister for Finance;
	“public investment projects” includes projects involving public private partnership arrangements;
	“public private partnership arrangement” means a public private partnership arrangement within the meaning of the State Authorities (Public Private Partnership Arrangements) Act, 2002 ;
	“refinancing” means changing the terms and conditions, obligations and entitlements attached to arrangements for financing public investment projects, including cancellation and replacement of such arrangements;
	“State authority” means a body specified in the Schedule.
	(2) (a) In this Act—
	(i) a reference to a section or Schedule is a reference to a section of, or a Schedule to, this Act unless it is indicated that reference to some other enactment is intended, and
	(ii) a reference to a subsection or paragraph is a reference to the subsection or paragraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended.
	(b) In this Act a reference to any other enactment shall, unless the context otherwise requires, be construed as a reference to that enactment as amended, extended or adapted by or under any subsequent enactment.
	Establishment of Agency.	2.—(1) There shall stand established, on the establishment day, a body to be known as an Ghníomhaireacht Airgeadais d'Fhorbairt Náisiúnta, or in the English language, the National Development Finance Agency, and in this Act referred to as the “Agency”, to perform the functions assigned to it by this Act.
	(2) The Minister shall by order appoint a day to be the establishment day for the purposes of this Act.
	(3) The Agency shall be a body corporate with perpetual succession and have the power to sue and be sued in its corporate name and to acquire, hold and dispose of land or an interest in land, and to acquire, hold and dispose of any other property.
	Functions of Agency.	3.—(1) The functions of the Agency are—
	(a) to advise any State authority of what, in the opinion of the Agency, are the optimal means of financing the cost of public investment projects in order to achieve value for money,
	(b) to advance moneys (including repayable loans and equity) and to enter into other financial arrangements in respect of projects approved by any State authority,
	(c) to provide advice to any State authority on all aspects of financing, refinancing and insurance of public investment projects to be duly undertaken by means of public private partnership arrangements or within the public sector, and
	(d) to form, or cause to be formed, companies, subject to section 5 , for the purpose of securing finance for public investment projects.
	(2) The Agency shall have all such other powers as are necessary or expedient for the performance of its functions, including the engagement from time to time of consultants and advisers and other service providers.
	(3) In carrying out its functions the Agency shall comply with all guidelines and instructions that the Minister may, from time to time, issue to the Agency.
	Provision of advice to State authorities.	4.—(1) In providing advice under this Act the Agency shall have regard to—
	(a) such policy directions as the Minister may issue for the purposes of this paragraph to State authorities from time to time in relation to the financing of public investment projects, and
	(b) such policy guidance as the Minister may issue for the purposes of this paragraph to State authorities from time to time in relation to the process, procedures and regulation generally of public private partnership arrangements.
	(2) The Minister shall cause a copy of every policy direction and policy guidance issued under subsection (1) to be sent to the Agency.
	(3) The provision of advice by the Agency under this Act may include, where appropriate, advice as regards the engaging of consultancy services across the range of technical and other relevant expertise necessary to undertake such projects.
	(4) In the discharge of functions under this Act the Agency and the National Treasury Management Agency shall at all times exercise due care, skill, prudence and diligence and act in the utmost good faith.
	Establishment of special purpose companies.	5.—(a) Subject to paragraph (b) the Agency may form, or cause to be formed, a company or companies for the purpose of financing a public investment project where, in the opinion of the Agency, it is necessary or expedient to do so in order to discharge its functions under this Act.
	(b) The Agency shall not form, or cause to be formed, such a company or companies unless it has obtained the prior consent of the Minister in writing in respect of each company.
	Borrowings and other arrangements.	6.—(1) Subject to subsection (2) and to such guidelines as the Minister may from time to time issue, the Agency may from time to time raise money in any currency.
	(2) The combined net aggregate of the principal of all moneys raised and outstanding by the Agency and any companies formed under section 5 shall not exceed €5,000,000,000 in total, including the equivalent of moneys raised in a currency other than the currency of the State.
	(3) The Agency may engage in transactions (including transactions in a currency other than the currency of the State) of a normal banking nature with the Minister and any other persons for the purpose of performing any of its functions.
	(4) The Agency may open and maintain bank accounts, including accounts in currencies other than the currency of the State.
	Guarantee by Minister of borrowings.	7.—(1) The Minister may guarantee the due repayment by the Agency or any companies formed under section 5 of the principal of any moneys (including moneys in a currency other than the currency of the State) raised by the Agency or such companies, or the payment of interest on such moneys or both the repayment of the principal and the...