Housing (Miscellaneous Provisions) Act 2002

Amendment of section 54 of Finance Act, 1970.


18.Section 54 of the Finance Act, 1970, is amended by inserting the following after subsection (7) (inserted by the Finance Act, 1983):

“(7A) The Minister for Finance may engage in such transactions of a normal banking nature with the Housing Finance Agency and with other persons—

(a) in connection with the performance by the Housing Finance Agency of its borrowing function under—

(i) subsections (1), (1A) (inserted by the Housing Finance Agency (Amendment) Act, 1985) and (2) of section 10 of the Housing Finance Agency Act, 1981, and

(ii) section 3 of the Borrowing Powers of Certain Bodies Act, 1996,


(b) for the purposes of the better management of the indebtedness incurred by the Housing Finance Agency under the provisions referred to in paragraph (a),

and may, for the purpose of those transactions, issue such funds from the Exchequer, as the Minister for Finance considers appropriate, and the expenses and other costs incurred by the Minister for Finance in connection with or arising out of those transactions shall be charged on the Central Fund or the growing produce thereof.”.