National Training Fund Act 2000

National Training Fund.

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2.—(1) There shall stand established, on commencement of this section, a fund which shall be known as the National Training Fund and in this Act is referred to as the “Fund”.

(2) The Fund shall consist of a current account and an investment account.

(3) The Minister shall manage and control the current account of the Fund.

(4) The Minister for Finance shall manage and control the investment account of the Fund.

(5) Save where otherwise specifically provided—

( a) sums payable into the Fund shall be paid into the current account of the Fund, and

( b) sums payable out of the Fund shall be paid out of that account.

(6) Moneys standing to the credit of the current account of the Fund and not required to meet current expenditure shall be transferred to the investment account of the Fund.

(7) Whenever the moneys standing to the credit of the current account of the Fund are insufficient to meet the liabilities of that account, there shall be transferred to that account from the investment account of the Fund such sums as may be necessary for the purpose of discharging those liabilities.

(8) Subject to subsection (7), moneys standing to the credit of the investment account of the Fund shall be invested by the Minister for Finance and income arising from any such investment shall be paid into that account.

(9) Such an investment may take the form of—

( a) the application of moneys in the investment account towards the acquisition, holding or disposal of any rights or interests, direct or indirect, in any securities other than shares, or

( b) the placing of them in deposit accounts in any financial institution or the investment of them in short term financial products, such as certificates of deposit or commercial paper, issued by any person,

in the currency of the State in or outside of the State.

(10) Without prejudice to subsection (11), transactions of a normal banking nature may be engaged in with regard to any investments made under subsection (9).

(11) Securities acquired pursuant to the application, under subsection (9), of moneys in the investment account of the Fund may, for the purposes of the better management of the Fund, be the subject of loans under stock lending arrangements entered into by or on behalf of the Minister for Finance with other persons.

(12) If in any financial year the amount standing to the credit of the Fund is less than the amount proposed to be paid out from the Fund in that financial year there may be paid into the Fund sufficient amounts to make up the shortfall from moneys provided by the Oireachtas.

(13) Any sum payable into the Fund under subsection (12) shall be paid in such manner and at such times as the Minister for Finance may determine.

(14) Accounts of the Fund shall be prepared on an annual basis, in such form and in such manner as the Minister for Finance may direct, and the Comptroller and Auditor General shall examine and certify every such account and a copy thereof, together with the report thereon of the Comptroller and Auditor General, shall be laid by the Minister before each House of the Oireachtas.

Annotations:

Modifications (not altering text):

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Functions under subss. (13) and (14) transferred and terms “Department of Finance” and “Minister for Finance” construed (29.07.2011) by Finance (Transfer of Departmental Administration and Ministerial Functions) Order 2011 (S.I. No. 418 of 2011), regs. 2, 3, 5 and sch. 1 part 2, commenced as per reg. 1(2).

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2.— (1) The administration and business in connection with the performance of any functions transferred by this Order are transferred to the Department of Public Expenditure and Reform.

(2) References to the Department of Finance contained in any Act or instrument made thereunder and relating to the administration and business transferred by paragraph (1) shall, on and after the commencement of this Order, be construed as references to the Department of Public Expenditure and Reform.

3.— The functions conferred on the Minister for Finance by or under the provisions of —

( a) the enactments specified in Schedule 1, and

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are transferred to the Minister for Public Expenditure and Reform.

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5.— References to the Minister for Finance contained in any Act or instrument under an Act and relating to any functions transferred by this Order shall, from the commencement of this Order, be construed as references to the Minister for Public Expenditure and Reform.

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Schedule 1 Enactments

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No. 41 of 2000

National Training Fund Act 2000

Sections 2(13) and (14), 7 and 10(2)

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