National Surplus (Reserve Fund for Exceptional Contingencies) Act 2019
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Transfer of assets and certain sums to Fund | ||
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5. (1) The Minister shall, not later than 30 days after the commencement of this section, cause to be transferred to the Fund, from the assets of the Ireland Strategic Investment Fund, assets of a value not exceeding €2,000 million. | ||
(2) Subject to subsections (5) to (7) and section 6 , the Minister shall, from the Central Fund or the growing produce thereof, pay €500,000,000 into the Fund in each of the years, 2019, 2020, 2021, 2022 and 2023. | ||
(3) The foregoing sum of €500,000,000 is referred to in subsections (5) to (7) and section 6 as the “prescribed amount”. | ||
(4) If, by a resolution passed by that House, Dáil Éireann approves the making of a payment of a specified sum from the Central Fund or the growing produce thereof into the Fund, the Minister shall, in addition to any assets referred to in subsection (1) and, as the case may be, sums referred to in subsection (2), pay into the Fund that specified sum from the Central Fund or the growing produce thereof. | ||
(5) Where expenditure is incurred by the State in a year referred to in subsection (2) to defray unforeseeable costs arising as a result of a natural or other disaster, then, as specified in subsection (6), an amount that is lower than the prescribed amount may be paid into the Fund, under subsection (2), in that year. | ||
(6) The amount by which the lower amount referred to in subsection (5) may be less than the prescribed amount shall not exceed the total amount of the expenditure referred to in that subsection. | ||
(7) Where, in accordance with subsections (5) and (6), a lower amount referred to in those subsections is paid into the Fund, the Minister shall, as soon as possible after the making of that reduced payment, make a report to Dáil Éireann, in such manner as the Minister considers appropriate, as to the fact that such lower amount has been so paid, the amount by which it was less than the prescribed amount and the reason for the making of that reduced payment. |