124.— (1) In this section—

“CPI” means the consumer price index as compiled by the Central Statistics Office;

“financial year” means a period of 12 months ending on 31 December;

“(Δ CPI)” means the annual percentage change in the CPI;

“annual television licence fee modification” = (Δ CPI) + 1% - X;

“X” means the adjustment recommended by the Authority.

(2) The Authority, shall in each year, carry out a review of the extent to which a corporation has during the previous financial year fulfilled the commitments in respect of its public service objects stated in an annual statement of performance commitments for that financial year and the adequacy or otherwise of public funding to enable the corporation to meet its public service objects.

(3) A corporation shall co-operate with the Authority in the exercise of a review under subsection (2).

(4) The Authority shall prepare and by 30 June in each year submit to the Minister a report of the outcome of any review under subsection (2).

(5) The Authority shall on the basis of the review under subsection (2) recommend in a report to the Minister an annual television licence fee modification F170[and the amounts of any payments to be made to TG4 under section 123].

(6) The Minister shall publish a response to a recommendation of the Authority under subsection (5).

(7) The Minister shall cause copies of—

(a) the report of the Authority under subsection (4),

(b) the recommendations made by the Authority under subsection (5), and

(c) his or her response to the recommendations of the Authority under subsection (6),

to be laid before each House of the Oireachtas.

(8) The Authority shall within a period of not more than 3 years after the passing of this Act, and every 5 years thereafter, or as directed by the Minister, carry out a review of the adequacy or otherwise, of public funding to enable a corporation to meet its public service objects.

(9) In carrying out a review under subsection (8) the Authority shall take account of the following—

(a) the existing financial resources available to a corporation,

(b) the current level of public funding available to a corporation,

(c) the multi-annual nature of public funding requirements,

(d) the level of commercial funding available to a corporation in pursuance of its exploitation of commercial opportunities object,

(e) the outcome of any review under subsection (2),

(f) the public service statement for a corporation in force during the period under review,

(g) developments in public service broadcasting internationally,

(h) F171[…]

(i) such other matters as the Authority may consider relevant, and

(j) such other matters which the Minister may consider relevant and has communicated to the Authority.

(10) A corporation shall co-operate with the Authority in the exercise of a review under subsection (8).

(11) The Authority shall prepare and as soon as practicable submit to the Minister a report of the outcome of any review under subsection (8).

(12) The Authority shall on the basis of the review under subsection (8) make in a report to the Minister under subsection (11) a recommendation as to the requisite level of public funding required to permit the corporation to fulfil its public service objects.

(13) The Minister shall submit to the Government—

(a) the report of the Authority under subsection (11), and

(b) the recommendation made by the Authority under subsection (12).

(14) The Government shall publish a response to the recommendation of the Authority under subsection (12).

(15) The Minister shall cause copies of:

(a) the report of the Authority under subsection (11),

(b) the recommendation made by the Authority under subsection (12), and

(c) the Government’s response to the recommendation of the Authority under subsection (14),

to be laid before each House of the Oireachtas.

(16) The Authority may appoint an agent to perform any acts and discharge any functions authorised by this section to be performed or discharged by the Authority.