National Oil Reserves Agency Act 2007
F150[Formula for determining interest rate.
44V.— Regulations under section 44J(5)(b) or 44T(1)(g), as the case may be, may prescribe a formula for determining the interest rate by reference to—
(a) the prevailing Euro Interbank Offered Rate,
(b) an additional rate certified by the Central Bank and Financial Services Authority of Ireland, and
(c) such other additional rate as the Minister considers appropriate taking into account the cost of recovering unpaid levy, including any bank charges the Agency may incur in maintaining a bank overdraft to cover a shortfall in funds arising out of unpaid levy.]
Annotations
Amendments:
F150
Inserted (1.07.2010) by Energy (Biofuel Obligation and Miscellaneous Provisions) Act 2010 (11/2010), s. 3, S.I. No. 322 of 2010.
Modifications (not altering text):
C29
Functions transferred and references to the Minister for and Department of the Environment, Climate and Communications construed (28.02.2023, vesting day) by Oil Emergency Contingency and Transfer of Renewable Transport Fuels Functions Act 2023 (2/2023), ss. 23, 24, 28, S.I. Nos. 81, 82 of 2023, subject to transitional provisions in ss. 25-27, 29.
Transfer of functions to Minister for Transport
23. The functions conferred on the Minister by or under—
(a) sections 44A, 44C, 44D, 44E, 44F, 44G, 44H, 44I, 44J, 44K, 44L, 44M, 44N, 44Q, 44R, 44S, 44T, 44V, 44W and 44X of the Act of 2007, ...
are transferred to the Minister for Transport on the vesting day.
Transfer of administration and business
24. (1) The administration and business in connection with the performance of the functions transferred by section 23 are, on the vesting day, transferred to the Department of Transport.
(2) References to the Department of the Environment, Climate and Communications contained in any enactment (other than this Act) in so far as they relate to the administration and business transferred by subsection (1) shall, from the vesting day, be construed as references to the Department of Transport.
...
Construction of references to Minister
28. (1) References to the Minister contained in any enactment (other than this Act) in so far as they relate to any function transferred by section 23 shall, from the vesting day, be construed as references to the Minister for Transport.
...
Editorial Notes:
E67
Power pursuant to section exercised (1.07.2010) by National Oil Reserves Agency Act 2007 (Returns and Biofuel Levy) Regulations 2010 (S.I. No. 356 of 2010), in effect as per reg. 1(2).