National Treasury Management Agency (Amendment) Act 2014

F5[Transfer of assets (including money) from Fund to meet exceptional contingencies

47A

47A. (1) This Part shall not operate to prevent the Minister from causing, by the means provided in subsection (2), the transfer of assets, including money, from the Fund, in accordance with an Act of the Oireachtas, to another fund referred to in that subsection.

(2) The Minister may give a direction to the Agency to transfer assets, including money, of a specified value or amount from the Fund to a fund which may be drawn down to the Exchequer in order to:

(a) remedy or mitigate the occurrence in the State of exceptional circumstances within the meaning of section 1 of the Fiscal Responsibility Act 2012;

(b) prevent potential serious damage to the financial system in the State and ensure the continued stability of that system; or

(c) support major structural reforms which have direct long-term positive budgetary effects within the meaning of Article 5 of Council Regulation (EC) No. 1466 of 19971 as amended by Regulation (EU) No. 1175 of 20112.

(3) The Agency shall comply with a direction under subsection (2).]

Annotations

Amendments:

F5

Inserted (31.10.2019) by National Surplus (Reserve Fund for Exceptional Contingencies) Act 2019 (18/2019), s. 7, S.I. No. 536 of 2019.