Development Banks Act 2005

Amendment of Act of 1991.

4

4.—(1) Section 1 of the Act of 1991 is amended in the definition of “the Agreement”—

( a) by inserting “, as amended by resolution adopted on 30 January 2004 by the Board of Governors of the European Bank for Reconstruction and Development” after “on the 29th day of May 1990”, and

( b) by inserting “, and any amendments to the Agreement which are or have been approved by Dáil Éireann pursuant to Article 29.5.2 of the Constitution” after “set out in the Schedule to this Act)”,

and the said definition, as so amended, is set out in the Table to this subsection.

TABLE

“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 resolution adopted on 30 January 2004 by the Board of Governors of the European Bank for Reconstruction and Development (the text of which, in the English language, is, for convenience of reference, set out in the Schedule to this Act), and any amendments to the Agreement which are or have been approved by Dáil Éireann pursuant to Article 29.5.2 of the Constitution;

(2) Section 2 of the Act of 1991 is amended, with effect from the passing of this Act—

( a) by re-numbering that section as subsection (1) of that section, and

( b) by inserting after subsection (1) the following subsection:

“(2) The Minister for Finance shall cause notice of the approval by Dáil Éireann, pursuant to Article 29.5.2 of the Constitution, of an amendment to the Agreement to be published in the Iris Oifigiúil as soon as may be after its approval.”.

(3) The Schedule to the Act of 1991 is amended by substituting the following Article for Article 1 of the Agreement (within the meaning of that Act):

Article 1

Purpose

In contributing to economic progress and reconstruction, the purpose of the Bank shall be to foster the transition towards open market oriented economies and to promote private and entrepreneurial initiative in the Central and Eastern European countries committed to and applying the principles of multiparty democracy, pluralism and market economics. The purpose of the Bank may also be carried out in Mongolia subject to the same conditions. Accordingly, any reference in this Agreement and its annexes to ‘Central and Eastern European countries’, ‘countries from central and Eastern Europe’, ‘recipient country (or countries)’ or ‘recipient member country (or countries)’ shall refer to Mongolia as well.”.