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Management of moneys relating to Board.
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26.—(1) The Minister for Finance shall pay to the Agency the appropriate amount.
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(2) In subsection (1) “appropriate amount” means the amount obtained by adding—
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(a) the first relevant amount,
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(b) the second relevant amount, and
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(c) the third relevant amount,
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and subtracting from that total the fourth relevant amount.
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(3) The Agency shall establish an investment account (the “account”) into which the amount paid to it under subsection (1) shall be deposited.
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(4) Moneys in the account that are not required for the purposes of subsection (6) shall be invested and the investments shall, with the consent of the Minister for Finance, be realised or varied as occasion requires and the proceeds of any such realisation, and any dividends or other payments received in respect of moneys invested under this subsection, shall be paid into the account or invested under this subsection.
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(5) The investment under subsection (4) shall be in securities in which trustees are for the time being authorised by law to invest trust funds or in any of the stocks, funds or securities in which moneys of the Post Office Savings Bank are for the time being authorised to be invested.
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(6) The Agency may, in each financial year of the Board, pay to the Board out of the account a grant of such amount as the Board specifies in relation to that year towards the expenditure of the Board in the performance of its functions.
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(7) In this section—
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“Agency” means the National Treasury Management Agency;
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“first relevant amount” means €12,700,000, being the amount that is equal to the amount secondly-mentioned in Clause 7(i) of the relevant deed and paid to the Minister for Finance, pursuant to that deed, by the persons listed in the First Schedule to that deed;
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“fourth relevant amount” means the amount that is equal to the aggregate of any sums that have been paid by the Minister before the passing of this Act as grants to former residents in institutions and the relatives of such persons to assist those persons or relatives to avail of educational services;
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“relevant deed” means the deed made on 5 June 2002 between the Minister for Finance and the Minister of the one part and the persons listed in the First Schedule to that deed of the other part;
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“second relevant amount” means €240,000, being the amount that is equal to the aggregate of the interest on the first relevant amount that has been earned since the making of the payment to the Minister for Finance referred to in the definition of “first relevant amount” in this subsection;
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“third relevant amount” means €510,000, being the amount which is deemed by the Minister for Finance to have arisen by way of accretion to the first relevant amount and the second relevant amount and which is to be paid out of moneys provided by the Oireachtas.
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