Markets in Financial Instruments and Miscellaneous Provisions Act 2007

Amendments to Finance Act 1993.

15.— Section 138(1) of the Finance Act 1993 is amended—

(a) in section 138(1), by inserting the following after paragraph (c):

“(ca) The Minister—

(i) may engage in transactions of a normal banking nature in connection with the exercise of the powers in subsection (1)(a), (b) and (c), and

(ii) for the purposes of those transactions, may issue such funds from the Exchequer as he or she considers appropriate.

(cb) All the expenses and other costs incurred by the Minister in connection with or arising out of those transactions shall be charged on the Central Fund.”,

and

(b) in section 139 by inserting the following after subsection (11):

“(12) The National Treasury Management Agency, in connection with the discharge of any of its functions, may—

(a) pay into any foreign currency clearing account the proceeds of any transaction denominated in a currency other than the currency of the State, and

(b) apply any amounts standing to the credit of any foreign currency clearing account towards the discharging of payment obligations arising in connection with the discharge of any of its functions.”.