Residential Institutions Statutory Fund Act 2012

29.

Management of moneys relating to Board.

29.— (1) As soon as may be after the coming into operation of this section the Minister, with the consent of the Minister for Public Expenditure and Reform, shall pay to the Agency—

( a) an amount equal to the total of moneys received by the Minister and the Minister for Public Expenditure and Reform from the trustees of a relevant trust and lodged in an account established at the Central Bank in the names of the Minister and the Minister for Public Expenditure and Reform for the purpose of receiving cash contributions towards the costs incurred by the Board in the performance of its functions,

( b) an amount equal to the aggregate of the interest on the amount referred to in paragraph (a) since establishment of the account referred to in that paragraph.

(2) Notwithstanding that it may not be authorised by the terms, or may be inconsistent with the charitable purposes, of a relevant trust the trustees of the relevant trust may make, and the Minister, with the consent of the Minister for Public Expenditure and Reform may accept—

( a) a payment of moneys where the purpose of the payment is to make a contribution towards the costs incurred by the Board in the performance of its functions, and

( b) an amount equal to the aggregate of the interest on the moneys referred to in paragraph (a) which the trustees of the relevant trust confirm to be due,

and the Minister shall, with the consent of the Minister for Public Expenditure and Reform, pay those moneys to the Agency.

(3) The Agency shall establish an investment account into which the amounts and moneys referred to in subsections (1) and (2) shall be deposited.

(4) The total of the amount under subsection (1)(a) and the moneys under subsection (2)(a) paid to the Agency shall not exceed €110,000,000.

(5) Moneys in the investment account that are not required for the purposes of section 30 shall be invested by the Agency and any income, capital or other benefit received in respect of moneys invested under this subsection shall be paid into the investment account or invested under this subsection.

(6) An investment under subsection (5) shall be in securities in which trustees are for the time being authorised by law to invest trust funds or in any of the stocks, funds or securities in which moneys of the Post Office Savings Bank are for the time being authorised to be invested.