National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020

• Jurisdiction: Ireland

Number 6 of 2020
NATIONAL OIL RESERVES AGENCY (AMENDMENT) AND PROVISION OF CENTRAL TREASURY SERVICES ACT 2020
CONTENTS
PART 1
Preliminary and General
Section
1. Short title and commencement
2. Definitions
3. Revocations
PART 2
Amendments to Principal Act
4. Amendment of section 2 of Principal Act
5. Amendment of section 8 of Principal Act
6. Amendment of section 14 of Principal Act
7. Amendment of section 16 of Principal Act
8. Amendment of section 18 of Principal Act
9. Amendment of section 19 of Principal Act
10. Amendment of section 21 of Principal Act
11. Amendment of section 31A of Principal Act
12. Amendment of section 36 of Principal Act
13. Amendment of section 37 of Principal Act
14. Payment into Climate Action Fund by direction of Minister
15. Climate Action Fund
16. Amendment of section 40 of Principal Act
17. Amendment of section 41 of Principal Act
18. Amendment of section 44 of Principal Act
19. Amendment of section 44B of Principal Act
20. Amendment of section 44D of Principal Act
21. Amendment of section 44G of Principal Act
22. Amendment of section 44I of Principal Act
23. Amendment of section 44J of Principal Act
24. Amendment of section 44N of Principal Act
25. Amendment of section 44P of Principal Act
26. Amendment of section 44Q of Principal Act
27. Amendment of section 44T of Principal Act
PART 3
Amendments to National Treasury Management Agency (Amendment) Act 2000
28. Amendment of section 18 of National Treasury Management Agency (Amendment) Act 2000
Acts Referred to
National Oil Reserves Agency Act 2007 (No. 7)
National Treasury Management Agency (Amendment) Act 2000 (No. 39)
Number 6 of 2020
NATIONAL OIL RESERVES AGENCY (AMENDMENT) AND PROVISION OF CENTRAL TREASURY SERVICES ACT 2020
An Act to extend the purposes for which the levy on relevant disposals of petroleum products is paid; to amend and extend the objects, functions and powers of the National Oil Reserves Agency; to set the rate of the levy on relevant disposals of petroleum products; to make provision for the Minister for Communications, Climate Action and Environment to give a direction to the National Oil Reserves Agency in relation to the payment by it of an amount of the proceeds of the levy on relevant disposals of petroleum products collected and recovered into the Climate Action Fund; to establish the Climate Action Fund; to set the rate of the biofuel levy; to make certain other amendments in relation to biofuel obligations; for those purposes to amend and extend the National Oil Reserves Agency Act 2007 ; to provide for the provision by the National Treasury Management Agency of central treasury services to the National Oil Reserves Agency and Irish Water and for that purpose to amend the National Treasury Management Agency (Amendment) Act 2000 ; and to provide for related matters.
[29th July, 2020]
Be it enacted by the Oireachtas as follows:
PART 1 Preliminary and General
		Short title and commencement
1. (1) This Act may be cited as the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020.
	(2) This Act shall come into operation on such day or days as the Minister may appoint by order or orders either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions.
		Definitions
2. In this Act—
	“Minister” means the Minister for Communications, Climate Action and Environment;
	“Principal Act” means the National Oil Reserves Agency Act 2007 .
		Revocations
3. Regulation 4(1) of, and Schedule 1 to, the National Oil Reserves Agency Act 2007 (Returns and Levy) Regulations 2007 ( S.I. No. 567 of 2007 ) are revoked.
PART 2 Amendments to Principal Act
		Amendment of section 2 of Principal Act
4. Section 2 of the Principal Act is amended by the insertion of the following definition:
	“ ‘Climate Action Fund’ means the fund established under section 37B;”.
		Amendment of section 8 of Principal Act
5. Section 8 of the Principal Act is amended—
	(a) in subsection (1), by the substitution of the following paragraph for paragraph (c) :
	“(c) (i) collecting and recovering the levy, and
	(ii) paying into the Climate Action Fund, out of the proceeds of the levy collected and recovered, such amount as is specified by the Minister pursuant to a direction (if any) given under section 37A,”,
	and
	(b) in subsection (3) —
	(i) in paragraph (i), by the substitution of “any body corporate,” for “any body corporate, and”,
	(ii) in paragraph (j), by the substitution of “under subsection (1)(a), and” for “under subsection (1)(a).”, and
	(iii) by the insertion of the following paragraph after paragraph (j):
	“(k) to pay into the Climate Action Fund, out of the proceeds of the levy collected and recovered, such amount as is specified by the Minister pursuant to a direction (if any) given under section 37A.”.
		Amendment of section 14 of Principal Act
6. Section 14 of the Principal Act is amended, in subsection (8), by the substitution of “the proceeds of the levy collected and recovered and the proceeds of the biofuel levy collected and recovered” for “the levy and biofuel levy”.
		Amendment of section 16 of Principal Act
7. Section 16 of the Principal Act is amended, in subsection (12), by the substitution of “the proceeds of the levy collected and recovered and the proceeds of the biofuel levy collected and recovered” for “the levy and biofuel levy”.
		Amendment of section 18 of Principal Act
8. Section 18 of the Principal Act is amended, in subsection (2), by the substitution of “the proceeds of the levy collected and recovered and the proceeds of the biofuel levy collected and recovered” for “the levy and biofuel levy”.
		Amendment of section 19 of Principal Act
9. Section 19 of the Principal Act is amended, in subsection (4), by the substitution of “the proceeds of the levy collected and recovered and the proceeds of the biofuel levy collected and recovered” for “the levy and biofuel levy”.
		Amendment of section 21 of Principal Act
10. Section 21 of the Principal Act is amended, in subsection (3), by the substitution of “the proceeds of the levy collected and recovered and the proceeds of the biofuel levy collected and recovered” for “the levy and biofuel levy”.
		Amendment of section 31A of Principal Act
11. Section 31A of the Principal Act is amended, in subsection (2)(a)(i), by the deletion of “of the Principal Act”.
		Amendment of section 36 of Principal Act
12. Section 36 of the Principal Act is amended—
	(a) by the substitution of the following for “ ‘expenses’ means”:
	“ ‘expenses’ other than in section 37B means”,
	(b) in paragraph (g), by the substitution of “collecting or recovering the levy” for “collecting the levy”, and
	(c) in paragraph (gb), by the substitution of “collecting or recovering the biofuel levy” for “collecting the biofuel levy”.
		Amendment of section 37 of Principal Act
13. Section 37 of the Principal Act is amended—
	(a) by the substitution of the following subsection for subsection (1):
	“(1) For the purposes of—
	(a) meeting expenses properly incurred, or likely to be so incurred, by the Agency and each designated subsidiary in performing functions under this Act, and
	(b) contributing to the funding of the Climate Action Fund in accordance with this Act,
	oil companies and oil consumers, shall, in accordance with this Part and the regulations under section 44 pay to the Agency in each month a levy on their relevant disposals of petroleum products in the preceding month.”,
	and
	(b) by the insertion of the following subsection after subsection (1):
	“(1A) The rate of the levy shall be €0.02 per litre of relevant disposals of petroleum products.”.
		Payment into Climate Action Fund by direction of Minister
14. The Principal Act is amended by the insertion of the following section after section 37:
	“Payment into Climate Action Fund by direction of Minister
	37A. (1) In this section—
	‘combined actual and estimated income of the Agency’ means the combined actual and estimated income of the Agency in the financial year in which it is proposed to give a direction under subsection (2) as determined in accordance with subsection (4);
	‘combined actual and estimated expenses of the Agency’ means the combined actual and estimated expenses of the Agency in the financial year in which it is proposed to give a direction under subsection (2) as determined in accordance with subsection (5);
	‘financial year’ means the financial year of the Agency.
	(2) Subject to subsection (3), the Minister may, in each financial year commencing with the financial year in which the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020 is commenced, following consultation with the Agency, the Minister for Public Expenditure and Reform and the Minister for Finance, give a direction to the Agency to pay into the Climate Action Fund in that financial year the amount specified in the direction.
	(3) The amount which the Minister may specify in a direction under subsection (2) shall be an amount—
	(a) that represents part of the sum of—
	(i) the proceeds of the levy collected and recovered in that part of the financial year falling before the date on which the direction is to be given other than the proceeds of the levy collected and recovered before the commencement of the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020, and
	(ii) the proceeds of the levy estimated, having regard to the matters referred to in subsection (4)(b)(i) to (iv), to be collected and recovered during that part of the...