Fiscal Responsibility Act 2012
Number 39 of 2012
FISCAL RESPONSIBILITY ACT 2012
REVISED
Updated to 16 December 2020
This Revised Act is an administrative consolidation of Fiscal Responsibility Act 2012. It is prepared by the Law Reform Commission in accordance with its function under Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.
All Acts up to and including Finance (Miscellaneous Provisions) Act 2020 (25/2020), enacted 16 December 2020, and all statutory instruments up to and including European Union (Retail Charges for Regulated Intra-EU Communications) Regulations 2020 (S.I. No. 668 of 2020), made 18 December 2020, were considered in the preparation of this Revised Act.
Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to
revisedacts@lawreform.ie.
Number 39 of 2012
FISCAL RESPONSIBILITY ACT 2012
REVISED
Updated to 16 December 2020
Introduction
This Revised Act presents the text of the Act as it has been amended since enactment, and preserves the format in which it was passed.
Related legislation
Fiscal Responsibility Acts 2012 and 2013: this Act is one of a group of Acts included in this collective citation, to be construed together as one (Ministers and Secretaries (Amendment) Act 2013 (29/2013), s. 4(4)). The Acts in this group are:
• Fiscal Responsibility Act 2012 (39/2012)
• Ministers and Secretaries (Amendment) Act 2013 (29/2013), s. 3
Annotations
This Revised Act is annotated and includes textual and non-textual amendments, statutory instruments made pursuant to the Act and previous affecting provisions.
An explanation of how to read annotations is available at
www.lawreform.ie/annotations.
Material not updated in this revision
Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked. This information is not represented in this revision but will be reflected in a revision of the amended legislation if one is available.
Where legislation or a fragment of legislation is referred to in annotations, changes to this legislation or fragment may not be reflected in this revision but will be reflected in a revision of the legislation referred to if one is available.
A list of legislative changes to any Act, and to statutory instruments from 1972, may be found linked from the page of the Act or statutory instrument at
www.irishstatutebook.ie.
Acts which affect or previously affected this revision
• Finance (Miscellaneous Provisions) Act 2020 (25/2020)
• Ministers and Secretaries (Amendment) Act 2013 (29/2013)
All Acts up to and including Finance (Miscellaneous Provisions) Act 2020 (25/2020), enacted 16 December 2020, were considered in the preparation of this revision.
Statutory instruments which affect or previously affected this revision
• Fiscal Responsibility Act 2012 (Commencement) Order 2012 (S.I. No. 522 of 2012)
All statutory instruments up to and including European Union (Retail Charges for Regulated Intra-EU Communications) Regulations 2020 (S.I. No. 668 of 2020), made 18 December 2020, were considered in the preparation of this revision.
Number 39 of 2012
FISCAL RESPONSIBILITY ACT 2012
REVISED
Updated to 16 December 2020
ARRANGEMENT OF SECTIONS
Interpretation
Section
The Fiscal Rules
2. Duty of Government to endeavour to comply with fiscal rules.
5. Medium-term budgetary objective.
Irish Fiscal Advisory Council
7. Irish Fiscal Advisory Council.
8. Functions of Fiscal Council.
Miscellaneous and Supplementary
11. Short title and commencement.
Irish Fiscal Advisory Council
Acts Referred to
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1990, No. 33 |
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1993, No. 8 |
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Comptroller and Auditor General Acts 1866 to 1998 |
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1995, No. 22 |
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1997, No. 2 |
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1997, No. 13 |
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2001, No. 37 |
FISCAL RESPONSIBILITY ACT 2012
REVISED
Updated to 16 December 2020
Number 39 of 2012
AN ACT TO MAKE PROVISION FOR SECURING THAT THE RULES IN ARTICLE 3 OF THE TREATY ON STABILITY, COORDINATION AND GOVERNANCE IN THE ECONOMIC AND MONETARY UNION TAKE EFFECT IN THE LAW OF THE STATE IN ACCORDANCE WITH PARAGRAPH 2 OF THAT ARTICLE AND THAT THE RULE IN ARTICLE 4 OF THAT TREATY TAKES EFFECT IN THE STATE; TO MAKE PROVISION IN ACCORDANCE WITH ARTICLE 3 OF THAT TREATY IN RELATION TO A MEDIUM-TERM BUDGETARY OBJECTIVE AND A CORRECTION MECHANISM; TO ESTABLISH A BODY TO BE KNOWN AS COMHAIRLE CHOMHAIRLEACH BHUISÉADACH NA hÉIREANN OR, IN THE ENGLISH LANGUAGE, THE IRISH FISCAL ADVISORY COUNCIL AND PROVIDE FOR ITS FUNCTIONS; AND TO PROVIDE FOR RELATED MATTERS.
[27th November, 2012]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: