Irish Bank Resolution Corporation Act 2013

17.

Powers of Minister to create and issue securities, etc.

17.— (1) The Minister may, whenever and so often as the Minister thinks fit, create and issue securities—

( a) bearing interest at such rate as the Minister thinks fit or bearing no interest, and

( b) subject to such conditions as to repayment, redemption or any other matter as the Minister thinks fit,

where such securities are issued in exchange for or in consideration of the redemption, release or cancellation, or the transfer to the Minister, of any other liability or obligation of the Minister to the Bank.

(2) Any payments required in respect of any securities issued under subsection (1) and any expenses incurred in the issue thereof may be charged on the Central Fund or the growing produce thereof.

(3) The Finance Act 1970 is amended in section 54 by inserting the following subsection:

“(7F) The Minister for Finance—

( a) may engage in such transactions of a normal banking nature with any person as the Minister considers appropriate—

(i) for the purposes of subsection (1) of section 17 of the Irish Bank Resolution Corporation Act 2013,

(ii) for the purpose of the better management of any indebtedness incurred by the Minister under that subsection, and

(iii) in furtherance of the achievement of any of the purposes of the Irish Bank Resolution Corporation Act 2013 or the management of risk, arising from the winding up of IBRC (within the meaning of the Irish Bank Resolution Corporation Act 2013), as the Minister considers prudent,

and

( b) may for the purpose of the transactions referred to in paragraph ( a) issue such funds from the Exchequer as he or she considers appropriate.

The expenses and other costs incurred by the Minister in connection with or arising out of the transactions referred to in this subsection shall be charged on the Central Fund or the growing produce of that Fund.”.

(4) The First Schedule to the National Treasury Management Agency Act 1990 is amended by inserting the following after paragraph ( gf):

“( gg) section 17(1) of the Irish Bank Resolution Corporation Act 2013 and section 54(7F) of the Finance Act 1970,”.

Annotations:

Editorial Notes:

E3

Functions of Minister under subs. (1) delegated to NTMA (7.02.2013) by National Treasury Management Agency Act 1990 (Irish Bank Resolution Corporation Act, 2013) Delegation of Functions Order 2013 (S.I. No. 57 of 2016.