12. —(1) The Minister may, from time to time, give to the Agency a general directive in writing as to policy regarding the performance of any of the functions assigned to it by or under this Act, and the Agency shall, in performing its functions, have regard to any such directive.

(2) (a) The Minister may, from time to time, with the consent of the Minister for Finance, give to the Agency a general directive in writing specifying the financial objectives of the Agency, the manner in which the Agency shall conduct its financial affairs and requiring the application of profits or other income or funds of the Agency in such manner (including application for the benefit of the Exchequer) as may be specified in the directive.

(b) The Agency shall, in performing its functions, comply with any directive given to it under this subsection.

(c) This subsection shall not be construed as imposing on the Agency, either directly or indirectly, a duty or liability which may be the subject of any legal proceedings.

(3) Where the Minister gives a directive under subsection (1) —

(a) a notice of the giving of the directive and details of it shall be laid before each House of the Oireachtas as soon as may be after it is given, and

(b) a notice of the giving of the directive shall be published in Iris Oifigiúil within 28 days of the giving of the directive.

(4) Nothing in this section shall be construed as enabling the Minister to exercise any power or control in relation to the performance, in a particular case, by the Agency of a function assigned to it by or under this Act.