Bretton Woods Agreements (Amendment) Act 2022
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Provision of guarantee to Central Bank | ||
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4. (1) The Minister may guarantee, in such form and manner and on such terms and conditions as the Minister thinks fit following consultation with the Central Bank, either or both the payment to the Central Bank of the principal of, and any interest on, any moneys advanced by the Central Bank arising from a call by the Fund. | ||
(2) The amount of any guarantee under subsection (1) or the aggregate amount of any such guarantees shall not exceed the total amount due to the Central Bank by the Fund under the NAB Decision. | ||
(3) All moneys from time to time required by the Minister to meet amounts which may become payable by the Minster under a guarantee under subsection (1) shall be advanced out of the Central Fund or the growing produce thereof. | ||
(4) Moneys paid by the Minister under a guarantee under subsection (1) shall be repaid to the Minister as and when such moneys are recovered by the Central Bank. | ||
(5) Where the whole or any part of the moneys required by subsection (4) to be repaid to the Minister has not been repaid in accordance with that subsection as soon as may be after the date of the advance, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas. | ||
(6) Notwithstanding subsection (5), the Central Bank shall have a continuing obligation to use all reasonable means to recover any moneys advanced by the Central Bank arising from a call by the Fund. | ||
(7) Moneys paid by the Central Bank to the Minister under this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister thinks fit. | ||
(8) The Central Bank shall, commencing in the year 2023, submit a report to the Minister before 1 March in each year setting out— | ||
(a) particulars of any guarantee under subsection (1) provided during the previous financial year, | ||
(b) the amount of any payments made by the Minister during the previous financial year under a guarantee under subsection (1) and any amounts repaid to the Minister under subsection (4), | ||
(c) the amount of moneys covered by any guarantee under subsection (1) which was outstanding at the end of the previous financial year, and | ||
(d) an account of any means used by the Central Bank in the previous financial year to recover any moneys advanced by the Central Bank arising from a call by the Fund. | ||
(9) The report under subsection (8) shall be included in the annual report under section 10 of the Bretton Woods Agreements (Amendment) Act 1999 . |