Markets in Financial Instruments and Miscellaneous Provisions Act 2007

15.

Amendments to Finance Act 1993.

15.— Section 138(1) of the Finance Act 1993 is amended—

( a) in section 138(1), by inserting the following after paragraph ( c):

“( ca) The Minister—

(i) may engage in transactions of a normal banking nature in connection with the exercise of the powers in subsection (1)( a), ( b) and ( c), and

(ii) for the purposes of those transactions, may issue such funds from the Exchequer as he or she considers appropriate.

( cb) All the expenses and other costs incurred by the Minister in connection with or arising out of those transactions shall be charged on the Central Fund.”,

and

( b) in section 139 by inserting the following after subsection (11):

“(12) The National Treasury Management Agency, in connection with the discharge of any of its functions, may—

( a) pay into any foreign currency clearing account the proceeds of any transaction denominated in a currency other than the currency of the State, and

( b) apply any amounts standing to the credit of any foreign currency clearing account towards the discharging of payment obligations arising in connection with the discharge of any of its functions.”.