Finance Act, 1993

Holding and investment of moneys of Post Office Savings Bank Fund, etc.

138.—(1) The following provisions shall have effect in relation to moneys of the Post Office Savings Bank Fund (in this section referred to as “the Fund moneys”):

(a) Fund moneys, as well as being capable of being held in the currency of the State, may also be held in one or more than one other currency which is not the currency of the State;

(b) Fund moneys may be applied towards the acquisition, holding or disposal of any rights or interests, direct or indirect, in any one or more of the following, that is to say:

(i) any securities issued by the State;

(ii) any securities the capital and interest of which is guaranteed by the Minister for Finance;

(iii) any securities issued by any other State;

(iv) any financial product, commodity or property traded on a financial futures and options exchange, the rules of which exchange have been approved by the Central Bank of Ireland under Chapter VIII of Part II of the Central Bank Act, 1989 ;

(c) Fund moneys may also be held in an interest bearing deposit account with any bank or financial institution duly incorporated or otherwise established within or outside the State;

(d) Where Fund moneys are in an interest bearing deposit account outside the State which is denominated in a currency other than the currency of the State, such moneys shall be converted into the currency of the State within one year of the placing of such moneys in the said account;

(e) The accounts of the Post Office Savings Fund to be kept and laid before each House of the Oireachtas in pursuance of section 12 of the National Treasury Management Agency Act, 1990 , by virtue of the National Treasury Management Agency Act, 1990 (Delegation of and Declaration as to Functions) Order, 1990 ( S.I. No. 277 of 1990 ), shall include a statement of any Fund moneys on deposit in an interest bearing deposit account with any bank or financial institution outside the State at the close of each financial year of the National Treasury Management Agency.

(2) Section 63 of the Finance Act, 1958 , is hereby repealed.

(3) In this section “securities” includes, stocks, funds and any units comprising or representing any securities.