Interpretation

1. In this Schedule—

“Commission” means the National Pensions Reserve Fund Commission;

“Commission dissolution date” means the date on which the dissolution of the Commission takes place;

“Finance Agency” means the National Development Finance Agency;

“Finance Agency dissolution date” means the date on which the dissolution of the Finance Agency takes place;

“foreign law” means the law of a state (including the law of a territorial unit of a state), other than the State;

“Fund constitution date” means the date on which Part 6 of this Act comes into operation;

“interim period” means the period beginning with the Fund constitution date and ending immediately before the Commission dissolution date.

Transfer of property from Commission to Agency on Fund constitution date

2. (1) On the Fund constitution date all property, including any chose-in-action, that, immediately before that date, was held by the Commission shall be transferred to the Agency by this subparagraph.

(2) Every chose-in-action transferred to the Agency by subparagraph (1) may, on and from the Fund constitution date, be sued on, recovered or enforced by the Agency in its own name, and it shall not be necessary for the Agency to give notice of the transfer effected by that subparagraph to any person bound by the chose-in- action.

Transfer of Commission’s rights and liabilities to Agency on Fund constitution date

3. (1) All rights and liabilities of the Commission arising by virtue of any contract or commitment (expressed or implied) entered into by it before the Fund constitution date shall be transferred to the Agency by this subparagraph on that date.

(2) Every right and liability transferred to the Agency by subparagraph (1) may, on and after the Fund constitution date, be sued on, recovered or enforced by or against the Agency in its own name, and it shall not be necessary for the Agency to give notice of the transfer effected by that subparagraph to the person whose right or liability is transferred.

(3) Every lease, licence or permission granted by the Commission in any property transferred to the Agency by paragraph 2 shall continue in force on and after the Fund constitution date as if granted by the Agency.

Liability for loss occurring before Fund constitution date

4. (1) A claim in respect of any loss or injury alleged to have been suffered by any person arising out of the performance before the Fund constitution date of the functions of the Commission shall on and after that date lie against the Agency and not against the Commission.

(2) Where immediately before the Fund constitution date, any legal proceedings are pending in any court or tribunal to which the Commission is a party, the name of the Agency shall be substituted for that of the Commission and the proceedings shall not abate by reason of such substitution.

(3) Where, before the Fund constitution date, agreement has been reached between the parties concerned in settlement of a claim to which subparagraph (1) relates and the terms of the agreement have not been implemented, or judgment in such a claim has been given in favour of a person but has not been enforced, then the terms of the agreement or judgment, as the case may be, shall, in so far as they would have been enforceable against the Commission, be enforceable against the Agency and not the Commission.

(4) Any claim made or proper to be made by the Commission in respect of any loss or injury arising from the act or default of any person before the Fund constitution date shall on and after that date be regarded as having been made by or proper to be made by the Agency and may be pursued and sued for by the Agency as if the loss or injury had been suffered by the Agency.

Provisions consequent upon transfer of assets and liabilities of Commission on Fund constitution date

5. (1) Anything commenced and not completed before the Fund constitution date by or under the authority of the Commission may be carried on or completed on or after that date by the Agency.

(2) Every instrument made under an enactment and every document (including any certificate) granted or made by the Commission, shall, if and in so far as it was operative immediately before the Fund constitution date, have effect on or after that date as if it had been granted or made by the Agency.

(3) Any money, stocks, shares or securities transferred by this Part that immediately before the Fund constitution date were standing in the name of the Commission shall, on the request of the Agency, be transferred into its name.

(4) A certificate signed by the Minister that any property, right or liability is or, as the case may be, is not held by the Agency by virtue of this Part shall be sufficient evidence, unless the contrary is shown, of the fact so certified for all purposes.

Records held by Commission at Fund constitution date

6. Each record held by the Commission immediately before the Fund constitution date is on that date transferred to the Agency by this Part and is, on and from that date, held by the Agency.

Property, rights and liabilities governed by foreign law, etc.

7. Paragraphs 2, 3, 4, 5(1) and (2) and 6 do not apply to any property, rights or liabilities which are governed by foreign law or any claims or legal proceedings, things commenced or instruments or other documents or records relating to any such property, rights or liabilities.

Foreign assets and liabilities of Commission

8. (1) In this paragraph—

“foreign asset” means any property or rights which would be transferred by Part 2 of this Schedule were the property or rights not governed by foreign law;

“foreign liability” means any liability which would be transferred by Part 2 of this Schedule were the liability not governed by foreign law.

(2) The Commission shall during the interim period do everything that it is reasonably practicable to do to give effect to the transfer of all foreign assets to the Agency.

(3) If the transfer of any foreign asset is not reasonably practicable the Commission shall dispose of the foreign asset and pay the proceeds to the Agency for payment into the Ireland Strategic Investment Fund.

(4) The Commission shall during the interim period do everything that it is reasonably practicable to do to transfer all foreign liabilities to the Agency.

(5) If the transfer of any foreign liability is not reasonably practicable, the Agency shall on and after the Fund constitution date be responsible for discharging the Commission’s obligations under that liability.

(6) The Commission shall during the interim period obtain, make, maintain and comply with any authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration that is necessary in the State and in any other place in connection with ensuring the validity and enforceability of any act, matter or thing referred to in this paragraph.

(7) The terms of any transfer or disposal of a foreign asset and the terms of any transfer of a foreign liability under this paragraph shall be subject to consultation with the Agency.

(8) Paragraphs 4, 5(1) and (2) and 6 apply to claims or legal proceedings, things commenced, instruments or other documents or records which relate to any foreign asset or foreign liability as if the references in them to the Fund constitution date were to the date on which the foreign asset or foreign liability is transferred, the proceeds of the disposal of the foreign asset is paid to the Agency or the Agency becomes responsible for discharging the Commission’s obligations under the foreign liability.

Operation of National Pensions Reserve Fund Act 2000 during the interim period

9. During the interim period the National Pensions Reserve Fund Act 2000 has effect subject to the following modifications:

(a) as if in section 5(1) the reference to that Act included a reference to this Schedule,

(b) as if section 6(1)(a) to (d) and (g) to (i) and (l) and (2)(f) were omitted,

(c) as if in section 7—

(i) subsection (1) provided for the Commission to consist of the Chief Executive of the Agency as commissioner,

(ii) subsections (2) to (10) were omitted,

(iii) in subsection (11) the reference to the commissioners were to the commissioner, and

(iv) subsections (12) to (18) were omitted,

(d) as if sections 8 and 9 were omitted,

(e) as if in section 10—

(i) subsection (2) referred to the authentication of the seal by signature of the commissioner or 2 members of the staff of the Manager authorised by the commissioner, and

(ii) subsection (4) referred to the entry into and execution of any contract or instrument by the commissioner or 2 members of the staff of the Manager authorised by the commissioner,

(f) as if sections 11 and 12 were omitted,

(g) as if section 14 were omitted,

(h) as if section 15(4) were omitted,

(i) as if section 15A were omitted,

(j) as if section 16 were omitted,

(k) as if in section 17(1) —

(i) the reference to that Act included a reference to this Schedule, and

(ii) the reference to the National Pensions Reserve Fund were to the Ireland Strategic Investment Fund,

(l) as if in section 18—

(i) in subsection (1) the words after “Reserve Fund”, and

(ii) subsections (2) to (5F) and (8),

were omitted,

(m) as if in section 19—

(i) subsection (1) were omitted, and

(ii) subsection (2) required the receipts mentioned in it to be paid to the Agency for payment into the Ireland Strategic Investment Fund, and

(iii) subsection (3) were omitted,

(n) as if sections 19A to 19C were omitted,

(o) as if sections 20 and 20A were omitted,

(p) as if in section 21(1) and (5) the references to that Act included a reference to this Schedule,

(q) as if in section 25(1) the reference to the chairperson were to the commissioner,

(r) as if in section 26(3) the reference to the Chief Executive Officer of the Manager and by a commissioner authorised for that purpose were to the commissioner, and

(s) as if section 27(2) were omitted.

Transfer of property from Finance Agency to Agency on Finance Agency dissolution date

10. (1) On the Finance Agency dissolution date all property, including any chose-in- action, that, immediately before that date, was vested in the Finance Agency shall be transferred to the Agency by this subparagraph.

(2) Every chose-in-action transferred to the Agency by subparagraph (1) may, on and from the Finance Agency dissolution date, be sued on, recovered or enforced by the Agency in its own name, and it shall not be necessary for the Agency to give notice of the transfer effected by that subparagraph to any person bound by the chose-in-action.

Transfer of Finance Agency’s rights and liabilities to Agency on Finance Agency dissolution date

11. (1) All rights and liabilities of the Finance Agency arising by virtue of any contract or commitment (expressed or implied) entered into by it before the Finance Agency dissolution date shall be transferred to the Agency by this subparagraph on that date.

(2) Every right and liability transferred to the Agency by subparagraph (1) may, on and after the Finance Agency dissolution date, be sued on, recovered or enforced by or against the Agency in its own name, and it shall not be necessary for the Agency to give notice of the transfer effected by that subparagraph to the person whose right or liability is transferred.

(3) Every lease, licence or permission granted by the Finance Agency in any property vested in the Agency by or under this Part shall continue in force on and after the Finance Agency dissolution date as if granted by the Agency.

Liability for loss occurring before Finance Agency dissolution date

12. (1) A claim in respect of any loss or injury alleged to have been suffered by any person arising out of the performance before the Finance Agency dissolution date of the functions of the Finance Agency shall on and after that date lie against the Agency and not against the Finance Agency.

(2) Where immediately before the Finance Agency dissolution date, any legal proceedings are pending in any court or tribunal to which the Finance Agency is a party, the name of the Agency shall be substituted for that of the Finance Agency and the proceedings shall not abate by reason of such substitution.

(3) Where, before the Finance Agency dissolution date, agreement has been reached between the parties concerned in settlement of a claim to which subparagraph (1) relates and the terms of the agreement have not been implemented, or judgment in such a claim has been given in favour of a person but has not been enforced, then the terms of the agreement or judgment, as the case may be, shall, in so far as they would have been enforceable against the Finance Agency, be enforceable against the Agency and not the Finance Agency.

(4) Any claim made or proper to be made by the Finance Agency in respect of any loss or injury arising from the act or default of any person before the Finance Agency dissolution date shall on and after that date be regarded as having been made by or proper to be made by the Agency and may be pursued and sued for by the Agency as if the loss or injury had been suffered by the Agency.

Provisions consequent upon transfer of assets and liabilities of the Finance Agency

13. (1) Anything commenced and not completed before the Finance Agency dissolution date by or under the authority of the Finance Agency may be carried on or completed on or after that date by the Agency.

(2) Every instrument made under an enactment and every document (including any certificate) granted or made by the Finance Agency, shall, if and in so far as it was operative immediately before the Finance Agency dissolution date, have effect on or after that date as if it had been granted or made by the Agency.

(3) A certificate signed by the Minister that any property, right or liability has or, as the case may be, has not vested in the Agency under this Part shall be sufficient evidence, unless the contrary is shown, of the fact so certified for all purposes.

Records held by Finance Agency at Finance Agency dissolution date

14. Each record held by the Finance Agency immediately before the Finance Agency dissolution date is on that date transferred to the Agency and is, on and from that date, held by the Agency.

Final accounts of Commission

15. (1) The Agency shall adopt and submit to the Comptroller and Auditor General for audit the accounts kept in pursuance of section 26 of the National Pensions Reserve Fund Act 2000 for the financial year in which the Commission dissolution date falls.

(2) If the accounts kept in pursuance of the said section 26 for the immediately preceding financial year have not been signed, adopted and submitted in accordance with subsection (3) of that section before the Commission dissolution date, the Agency shall adopt them and submit them to the Comptroller and Auditor General for audit, either separately or consolidated with the accounts required to be submitted by subparagraph (1).

(3) The Agency shall submit accounts required by subparagraph (1) or (2) not later than 4 months after the Commission dissolution date.

(4) A copy of the accounts submitted under subparagraph (1) or (2) as audited by the Comptroller and Auditor General shall be presented to the Minister as soon as may be and the Minister shall cause a copy of the accounts as so audited to be laid before each House of the Oireachtas.

(5) If the accounts kept in pursuance of section 26 of the National Pensions Reserve Fund Act 2000 for the immediately preceding financial year have been submitted in accordance with subsection (3) of that section, but not presented to the Minister, before the Commission dissolution date they shall, once audited by the Comptroller and Auditor General, be presented to the Minister as soon as may be and the Minister shall cause a copy of the accounts as so audited to be laid before each House of the Oireachtas.

Final accounts of Finance Agency

16. (1) The Agency shall adopt and submit to the Comptroller and Auditor General for audit the accounts kept in pursuance of section 20 of the National Development Finance Agency Act 2002 for the financial year in which the Finance Agency dissolution date falls.

(2) If the accounts kept in pursuance of the said section 20 for the immediately preceding financial year have not been adopted and submitted in accordance with subsection (3) of that section before the Finance Agency dissolution date, the Agency shall adopt them and submit them to the Comptroller and Auditor General for audit, either separately or consolidated with the accounts required to be submitted by subparagraph (1).

(3) The Agency shall submit accounts required by subparagraph (1) or (2) not later than 4 months after the Finance Agency dissolution date.

(4) A copy of the accounts submitted under subparagraph (1) or (2) as audited by the Comptroller and Auditor General shall be presented to the Minister as soon as may be and the Minister shall cause a copy of the accounts as so audited to be laid before each House of the Oireachtas.

(5) If the accounts kept in pursuance of section 20 of the National Development Finance Agency Act 2002 for the immediately preceding financial year have been submitted in accordance with subsection (3) of that section, but not presented to the Minister, before the Finance Agency dissolution date they shall, once audited by the Comptroller and Auditor General, be presented to the Minister as soon as may be and the Minister shall cause a copy of the accounts as so audited to be laid before each House of the Oireachtas.

Final annual report of Commission

17. (1) The Agency shall make a report to the Minister of the activities of the Commission during the financial year in which the Commission dissolution date falls.

(2) If the report required by section 27 of the National Pensions Reserve Fund Act 2000 of the Commission’s activities for the immediately preceding financial year has not been made to the Minister before the Commission dissolution date, the Agency shall also make that report to the Minister or include its contents in the report required to be made by subparagraph (1).

(3) A report under subparagraph (1) or (2) shall include information in such form and regarding such matters as the Minister may direct.

(4) The Agency shall make a report required by subparagraph (1) or (2) not later than 6 months after the Commission dissolution date.

(5) The Minister shall cause copies of a report received under subparagraph (1) or (2) to be laid before each House of the Oireachtas.

Final annual report of Finance Agency

18. (1) The Agency shall make a report to the Minister of the activities of the Finance Agency during the financial year in which the Finance Agency dissolution date falls.

(2) If the report required by section 21 of the National Development Finance Agency Act 2002 of the Finance Agency’s activities for the immediately preceding financial year has not been made to the Minister before the Finance Agency dissolution date, the Agency shall also make that report to the Minister or include its contents in the report required to be made by subparagraph (1).

(3) A report under subparagraph (1) or (2) shall include information in such form and regarding such matters as the Minister may direct.

(4) The Agency shall make a report required by subparagraph (1) or (2) not later than 6 months after the Finance Agency dissolution date.

(5) The Minister shall cause copies of a report received under subparagraph (1) or (2) to be laid before each House of the Oireachtas.

Chief Executive’s accountability for dissolved bodies

19. (1) After the dissolution of the Finance Agency or the Commission, the Chief Executive of the Agency shall give evidence to the Committee of Dáil Éireann established under the Standing Orders of Dáil Éireann to examine and report to Dáil Éireann on the appropriation accounts and reports of the Comptroller and Auditor General (in this paragraph referred to as the “Committee”), whenever required to do so by the Committee, in respect of any of the following matters in so far as they relate to the Finance Agency or the Commission:

(a) the regularity and propriety of the transactions recorded or required to be recorded in any book or other record of account subject to audit by the Comptroller and Auditor General that it was required by or under any enactment to prepare;

(b) its economy and efficiency in the use of its resources;

(c) the systems, procedures and practices employed by it for the purpose of evaluating the effectiveness of its operations; and

(d) any matter affecting it referred to in a special report of the Comptroller and Auditor General under section 11(2) of the Comptroller and Auditor General (Amendment) Act 1993, or (in so far as it relates to a matter specified in clause (a), (b) or (c)) in any other report of the Comptroller and Auditor General that is laid before Dáil Éireann.

(2) In the performance of his or her duties under subparagraph (1), the Chief Executive shall not question or express an opinion on the merits of any policy of the Government or a Minister of the Government or on the merits of the objectives of such a policy.

No requirement to pay into National Pensions Reserve Fund in year of transfer

20. Section 18(2) of the National Pensions Reserve Fund Act 2000 does not apply in relation to the year in which the Fund constitution date falls.

Pre-commencement directed investments

21. Any direction given to the Commission under section 19A, 19AA or 19B of the National Pensions Reserve Fund Act 2000 before the Fund constitution date shall have effect on or after that date (until revoked) as if given to the Agency under section 42, 47(4)(b) or (c) or 43, respectively.

Action commenced before reconstitution of Agency

22. The continuation of anything begun before the first meeting of the Agency as reconstituted by the amendments made by section 8 shall not be invalidated by reason of not having being approved by the reconstituted Agency.

Chief Executive

23. The person who, immediately before the coming into operation of section 11, is the Chief Executive shall continue to hold that office after the coming into operation of that section for the same term, and upon and subject to the same terms and conditions, notwithstanding the amendments of section 6 of the Act of 1990 made by that section.