47. F12[(1) Subject to subsection (2E), the Agency shall transfer to—

(a) the Exchequer, or

(b) the Future Ireland Fund,

from the Fund such assets of such values, on such dates, as the Minister may direct.]

F12[(2) The Minister shall not direct the Agency to transfer any assets to the Exchequer or the Future Ireland Fund from the Fund before 2035 (other than under subsection (4)).]

F13[(2A) The Agency shall, on or before 31 July 2034 and on or before 31 July in each subsequent year, advise the Minister, by a report in writing, as to an appropriate value of assets, if any, that the Agency believes is reasonably likely to be available to be transferred from the Fund pursuant to subsection (1) in the year subsequent to the report and in each of the 4 years thereafter.

(2B) The Agency shall, in preparing a report under subsection (2A)—

(a) consult with the Minister, and

(b) have regard to the need to ensure that the Fund shall continue to have sufficient assets, following each transfer of assets from the Fund pursuant to subsection (1), so as to enable the Agency to continue to perform its functions under this Part.

(2C) The Minister shall, prior to issuing a direction under subsection (1)—

(a) consult with the Minister for Public Expenditure, National Development Plan Delivery and Reform and the Agency, and

(b) have regard to—

(i) the advice of the Agency provided in accordance with subsection (2A), and

(ii) the need to ensure that the Fund shall continue to have sufficient assets, following each transfer of assets from the Fund pursuant to subsection (1), so as to enable the Agency to continue to perform its functions under this Part.

(2D) The Minister shall not issue a direction to the Agency under subsection (1) to transfer assets to the Exchequer or the Future Ireland Fund other than—

(a) with the approval of the Government, and

(b) where Dá il Éireann has, on a proposal by the Minister, passed a resolution authorising the Minister to pay the amount specified in the direction.

(2E) Where the Agency—

(a) receives a direction from the Minister under subsection (1) to transfer assets of a specified value (in this section referred to as the "relevant value") to the Exchequer or the Future Ireland Fund on or before a specified date (in this section referred to as the "relevant date"), and

(b) is of the opinion that—

(i) an orderly liquidation of assets of the Fund of the relevant value may not be possible in advance of the relevant date, or

(ii) the liquidation of assets of the relevant value may only be possible on terms that are not commercially acceptable,

the Agency shall so notify the Minister in writing of that opinion as soon as is practicable.

(2F) Where the Minister receives a notification under subsection (2E), the Minister may, with the approval of the Government, specify a date later than the relevant date, on or before which assets of the relevant value shall be transferred from the Fund to the Exchequer or the Future Ireland Fund, as the case may be, and the Agency shall comply with the direction under subsection (1) on or before the date so specified.]

(3) The payment, or the aggregate of payments, that the Minister directs to be made in any year (except under subsection (4) ) shall not exceed 4 per cent of the value of the assets of the Fund at the end of the immediately preceding year.

(4) Where the Minister directs the Agency to dispose of a directed investment, whether in whole or in part, the Minister may direct the Agency—

(a) to make a payment or payments to the Exchequer not exceeding the amount of the proceeds of the disposal,

(b) to invest, on terms and conditions specified in the direction, part or all of the proceeds in securities issued under section 54(1) of the Finance Act 1970 or securities guaranteed by the Minister, or

(c) to hold the proceeds pending a payment to the Exchequer under paragraph (a) or their investment under paragraph (b).