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PART 2
Prescribed European Investment Bank Contribution Agreements
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Prescribed European Investment Bank Contribution Agreements
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3. (1) The Minister may by order prescribe a contribution agreement between the State and the European Investment Bank (in this section referred to as a “prescribed EIB Contribution Agreement”) for the purposes of this section where—
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(a) the contribution agreement relates to a trust fund or other contribution-based financing mechanism established by the European Investment Bank for the purpose of granting finance in accordance with its Statute, and
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(b) the contribution agreement specifies—
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(i) the amount that the State agrees to contribute to the trust fund or other contribution-based financing mechanism concerned, and
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(ii) the terms on which the contribution shall be made.
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(2) Where the Minister makes an order under subsection (1), the terms of the prescribed EIB Contribution Agreement concerned shall be appended to the order.
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(3) The State may enter into a prescribed EIB Contribution Agreement.
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(4) For the purposes of subsection (3), the Minister—
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(a) may execute the prescribed EIB Contribution Agreement concerned and enter into the commitments provided under that agreement, and
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(b) shall have all such powers as may be required to do anything necessary or expedient to be done for the purposes of the performance by the State of its obligations under the agreement.
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(5) Subject to subsection (6), the State may agree to an amendment being made to a prescribed EIB Contribution Agreement.
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(6) Where any amendment is proposed to be made to a prescribed EIB Contribution Agreement, a draft of the proposed agreement providing for the amendment and containing the text of the amendment shall be laid by the Minister before Dáil Éireann and the amendment shall not be made unless and until a resolution approving the amendment has been passed by that House.
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(7) Any amendment made to a prescribed EIB Contribution Agreement in accordance with subsections (5) and (6) shall be published in Iris Oifigiúil by or on behalf of the Minister.
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(8) A reference in this section to a prescribed EIB Contribution Agreement shall, where the context so admits, include a reference to that agreement as amended in accordance with subsections (5) and (6).
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(9) There may be paid out of the Central Fund, or the growing produce thereof, such sums, not exceeding, in the aggregate—
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(a) in respect of a single prescribed EIB Contribution Agreement, the sum of €35,000,000, and
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(b) in respect of all prescribed EIB Contribution Agreements, the sum of €175,000,000,
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as may be required to enable the State to comply with its obligations under each prescribed EIB Contribution Agreement.
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(10) All moneys received by or on behalf of the State by way of repayment of sums paid in accordance with a prescribed EIB Contribution Agreement shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available.
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(11) For the purposes of the calculation of the aggregate amount of any payment that may be made by the Minister in accordance with subsection (9), account shall be taken of any moneys received by or on behalf of the State in accordance with subsection (10).
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(12) In respect of each reporting period the Minister shall, as soon as practicable after the end of the period, cause a report to be laid before Dáil Éireann which includes the following information:
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(a) the aggregate amount of payments (if any) made by the State to enable it to comply with its obligations under each prescribed EIB Contribution Agreement during the reporting period concerned;
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(b) the aggregate amount of payments (if any) made by the State to enable it to comply with its obligations under each prescribed EIB Contribution Agreement from the date of the coming into operation of this section to the end of the reporting period concerned.
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(13) An order under subsection (1) shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next 21 days on which that House sits after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.
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(14) In this section, “reporting period” means—
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(a) in the case of the first report made under subsection (12), the period beginning on the date of the coming into operation of this section and ending on 31 December next following that date, and
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(b) in the case of each subsequent report made under subsection (12), the period beginning on 1 January and ending on 31 December next following the immediately preceding reporting period.
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