Credit Institutions (Financial Support) Act 2008

8.

Consequential amendments of other Acts.

8 .— (1) The First Schedule to the National Treasury Management Agency Act 1990 is amended by—

( a) the deletion of “and” before paragraph ( m); and

( b) the addition after paragraph ( r) of:

“and

( s) subsections (1) to (11) of section 6 of the Credit Institutions (Financial Support) Act 2008”.

(2) Section 54 of the Finance Act 1970 is amended by inserting after subsection (7B) (inserted by the National Development Finance Agency Act 2002):

“(7C) The Minister for Finance may engage in such transactions of a normal banking nature with any person—

( a) in connection with the performance of his or her functions under section 6 of the Credit Institutions (Financial Support) Act 2008, and

( b) for the purpose of the better management of any indebtedness incurred by the Minister under that section,

and may for the purpose of those transactions issue such funds from the Exchequer as the Minister for Finance considers appropriate. The expenses and other costs incurred by the Minister for Finance in connection with or arising out of those transactions shall be charged on the Central Fund or the growing produce thereof.”.

(3) The First Schedule to the National Treasury Management Agency Act 1990 is amended by inserting the following after paragraph ( gggg) (inserted by the National Development Finance Agency Act 2002):

“( ggggg) section 54(7C) (inserted by the Credit Institutions (Financial Support) Act 2008) in so far as that section relates to the engagement in certain transactions of a normal banking nature) of the Finance Act 1970.”.

(4) Section 138 of the Finance Act 1993 is amended by inserting, after subparagraph (iv) of subsection (1)( b):

“(v) any securities or financial instrument determined by the Minister as permissible on such terms and conditions as the Minister may determine.”.