National Surplus (Reserve Fund for Exceptional Contingencies) Act 2019
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Criteria for drawdown of Fund | ||
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9. (1) Except as provided for in subsection (4), moneys shall not be paid out of the Fund other than pursuant to a resolution passed by Dáil Éireann, following a proposal made to that House by the Minister in that behalf. | ||
(2) The Minister shall not make a proposal referred to in subsection (1) unless the Minister is satisfied on reasonable grounds that the proposal is necessary in order to: | ||
(a) remedy or mitigate the occurrence in the State of exceptional circumstances; | ||
(b) prevent potential serious damage to the financial system in the State and ensure the continued stability of that system; or | ||
(c) support major structural reforms which have direct long-term positive budgetary effects within the meaning of Article 5 of Council Regulation (EC) No. 1466 of 19973 as amended by Regulation (EU) No. 1175 of 20114 . | ||
(3) Where, having become satisfied, as mentioned in that subsection, of one or more of the matters referred to in subsection (2), the Minister shall, before making a proposal referred to in subsection (1), consult with the Minister for Public Expenditure and Reform, and shall have regard to the views of that Minister of the Government before deciding whether to make the proposal. | ||
(4) Where, for the time being, Dáil Éireann is not sitting and in the opinion of the Minister, based on reasonable grounds— | ||
(a) a payment of moneys out of the Fund is urgently required to achieve that which is referred to in paragraph (a) or (b) of subsection (2), and | ||
(b) the extent of the exigency described in the preceding paragraph is such as to warrant there not being postponed the making of that payment to a time following on that on which Dáil Éireann could next sit, and be in a position, to consider the matter, | ||
then the Minister may, with the prior approval of the Government, pay moneys out of the Fund to the Exchequer as provided for in section 10 . | ||
(5) Where the Minister pays moneys out of the Fund in the circumstances set out in subsection (4) the Minister shall make a report to Dáil Éireann, in such manner as the Minister considers appropriate, as to the fact of the making of that payment and the reason for it, and that report to that House shall be made at the next sitting of that House that takes place after that payment is made. | ||
(6) Nothing in subsection (1) shall be construed as preventing the making from the Fund of a payment of moneys in respect of expenses referred to in section 11 (1). | ||