31A.— (1) In this section "NTMA" means the National Treasury Management Agency.

(2) (a) Subject to the prior consent of the Minister for Finance, the Agency may from time to time request the NTMA to perform, on its behalf, all or any part of the functions of the Agency under—

(i) sections 8(3)(f), 26 and 27 F30[…],

(ii) section 3 of the Borrowing Powers of Certain Bodies Act 1996, and

(iii) section 2 of the Financial Transactions of Certain Companies and Other Bodies Act 1992.

(b) The Agency may from time to time, subject to the prior consent of the Minister for Finance, revoke or amend a request made under paragraph (a), but without prejudice to the validity of anything done previously on foot of that request in the terms that it stood immediately before that revocation or amendment.

(c) For so long as a request made under paragraph (a) has effect, the NTMA shall, subject to paragraph (d), perform on behalf of the Agency the functions specified in the request.

(d) The functions of the Agency specified in any request made under paragraph (a) shall be performed by the NTMA on behalf of the Agency subject to such terms and conditions (including any amendment to such terms and conditions) as the Agency and the NTMA may from time to time agree.

(3) The Minister for Finance may from time to time revoke, in whole or in part, any consent given under subsection (2), but without prejudice to the validity of anything done previously on foot of that consent in the terms that it stood immediately before that revocation.

(4) The NTMA has, by virtue of this subsection, all the powers that are necessary for or incidental to the performance on behalf of the Agency of the functions specified in a request made under subsection (2).

(5) The Agency, in connection with the performance of the functions referred to in subsection (4), may—

(a) engage in transactions of a normal banking nature in respect of the management of the Agency’s money, including issuing funds from the Agency’s account,

(b) pay into any foreign currency clearing account created by the Minister for Finance under section 139 of the Finance Act 1993 the proceeds of any transaction denominated in a currency other than the currency of the State, and

(c) apply any amounts standing to the credit of any foreign currency clearing account towards the discharging of payment obligations arising under any transaction referred to in paragraph (a).

(6) The expenses and other costs incurred by the NTMA in connection with or arising out of any transactions engaged in by the NTMA in the performance on behalf of the Agency of any of the functions specified in a request made under subsection (2) shall be charged to the Agency.]