37A.— (1) In this section—

"combined actual and estimated income of the Agency" means the combined actual and estimated income of the Agency in the financial year in which it is proposed to give a direction under subsection (2) as determined in accordance with subsection (4);

"combined actual and estimated expenses of the Agency" means the combined actual and estimated expenses of the Agency in the financial year in which it is proposed to give a direction under subsection (2) as determined in accordance with subsection (5);

"financial year" means the financial year of the Agency.

(2) Subject to subsection (3), the Minister may, in each financial year commencing with the financial year in which the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020 is commenced, following consultation with the Agency, the Minister for Public Expenditure and Reform and the Minister for Finance, give a direction to the Agency to pay into the Climate Action Fund in that financial year the amount specified in the direction.

(3) The amount which the Minister may specify in a direction under subsection (2) shall be an amount—

(a) that represents part of the sum of—

(i) the proceeds of the levy collected and recovered in that part of the financial year falling before the date on which the direction is to be given other than the proceeds of the levy collected and recovered before the commencement of the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020, and

(ii) the proceeds of the levy estimated, having regard to the matters referred to in subsection (4)(b)(i) to (iv), to be collected and recovered during that part of the financial year falling after the date on which the direction is to be given,

(b) in respect of which the Minister is reasonably satisfied that, when the amount is deducted from the combined actual and estimated income of the Agency, such deduction will not result in the remaining combined actual and estimated income of the Agency being insufficient to meet the combined actual and estimated expenses of the Agency, and

(c) that the Minister considers is appropriate to be so specified having regard to the expenses referred to in subsection (6).

(4) (a) The combined actual and estimated income of the Agency shall be the sum of—

(i) the amount of money standing to the credit of the accounts (if any) of the Agency at any financial institution in the State and at the National Treasury Management Agency,

(ii) the proceeds of the levy estimated to be collected and recovered during that part of the financial year falling after the date on which a direction is given, and

(iii) the proceeds of the biofuel levy estimated to be collected and recovered during that part of the financial year falling after the date on which a direction is given,

determined in accordance with paragraph (b).

(b) For the purpose of determining the combined actual and estimated income of the Agency, the Minister shall have regard to—

(i) the information contained in the Agency’s strategy statement for the time being,

(ii) the information provided by the Agency to him or her in that regard during the consultation by him or her with the Agency referred to in subsection (2) or pursuant to a request by him or her under this section, or otherwise,

(iii) the proceeds of the levy collected and recovered in the immediately preceding financial year, and

(iv) where available, the information presented to him or her under section 29.

(5) (a) The combined actual and estimated expenses of the Agency shall be the sum of—

(i) the expenses properly incurred by the Agency and each designated subsidiary in the financial year in which the direction is to be given, but before the date on which it is given, in performing its functions under this Act, and which have not been paid, and

(ii) the expenses of the Agency and each designated subsidiary in performing its functions under this Act estimated to be likely to be properly incurred during that part of the financial year falling after the date on which a direction is given,

determined in accordance with paragraph (b).

(b) For the purpose of determining the combined actual and estimated expenses of the Agency, the Minister shall have regard to—

(i) the information contained in the Agency’s strategy statement for the time being,

(ii) the information provided by the Agency to him or her in that regard during the consultation by him or her with the Agency referred to in subsection (2) or pursuant to a request by him or her under this section, or otherwise,

(iii) the expenses of the Agency and of each designated subsidiary in the immediately preceding financial year, and

(iv) where available, the information presented to him or her under section 29.

(6) For the purpose of subsection (3) (c), the expenses to which the Minister shall have regard are expenses estimated by the Agency as being likely to be properly incurred by it and each designated subsidiary in a financial year subsequent to that in which the direction is to be given and which are identified by the Agency in its strategy statement for the time being or in the consultations by the Minister with the Agency referred to in subsection (2) or in information provided to the Minister pursuant to a request by him or her under this section, or otherwise.

(7) A direction under this section shall be given in writing and may provide for the payment of the amount specified in the direction by one payment or by payment by instalments, to be paid in such amounts and at such time or times as may be specified in the direction.

(8)(a) Subject to paragraph (b), a payment by the Agency in accordance with subsection (7) shall be made out of the moneys standing to the credit of any account of the Agency at any financial institution in the State or at the National Treasury Management Agency which represent the proceeds of the levy collected and recovered at the time the payment is made.

(b) Any moneys referred to in paragraph (a) which represent the proceeds of the levy collected and recovered before the commencement of the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020 shall not form part of any payment into the Climate Action Fund under this section.

(9) (a) Without prejudice to section 30, the Minister may request the Agency to provide him or her with information in relation to such matters as he or she may specify which he or she considers necessary or expedient for the performance of his or her functions under this section.

(b) Information requested by the Minister under paragraph (a) shall be provided to him or her by the Agency and shall be provided in such form and within such period as the Minister may direct.

(10) The Agency shall comply with a direction given by the Minister under this Act.]