Financial Provisions (Covid-19) Act 2020

Reporting in relation to demands under SURE Guarantee

6. (1) This section applies in the event of a demand, under the SURE Guarantee, being made of the State to make a payment in accordance with the terms of that guarantee; a reference in any subsequent subsection of this section to a demand under the Guarantee being made is a reference to such a demand of the State being made.

(2) On the first occasion of a demand under the Guarantee being made (in this section referred to as the “first demand”), the Minister shall cause to be laid before Dáil Éireann—

(a) within one month from that occasion, a statement as provided under subsection (3)(a), and

(b) within one month from each anniversary of that occasion, a further statement as provided under subsection (3)(b).

(3) A statement under subsection (2) shall—

(a) in the case of the statement referred to in paragraph (a) of it, specify—

(i) the sum the subject of the first demand (and, if such has been paid by the State by the time of the statement’s preparation, the sum paid by the State on foot of that demand pursuant to the SURE Guarantee), and

(ii) any sums repaid to the State in accordance with the SURE Guarantee during the period preceding the statement’s preparation,

and

(b) in the case of a statement referred to in paragraph (b) of it, specify—

(i) any sum paid by the State on foot of the first demand pursuant to the SURE Guarantee, and

(ii) any sums repaid to the State in accordance with the SURE Guarantee,

during the period beginning on the preparation of the statement referred to in subsection (2)(a) and ending on the preparation of the statement referred to in subsection (2) (b) or, in the case of the second or any subsequent statement referred to in subsection (2)(b), during the period of 12 months preceding the preparation of the particular such statement.

(4) On the second or any subsequent occasion of a demand under the Guarantee being made, the Minister shall cause to be laid before Dáil Éireann, within one month from the occasion of that second or subsequent demand, a statement specifying the sum the subject of that second or subsequent demand; the laying of any such statement shall not relieve the obligation of the Minister to lay any statement required to be laid by subsection (2) (and any latter statement shall, in addition to the matters specified in subsection (3), specify the sum, if any, paid by the State, on foot of the second or subsequent demand, pursuant to the SURE Guarantee during the period to which that latter statement relates).

(5) This section shall cease to apply on the date the State is released from its obligations under the SURE Guarantee or when all sums paid by the State under the SURE Guarantee are repaid to the State in accordance with that guarantee’s terms.