S.I. No. 329/1972 - European Communities (State Financial Transactions) Regulations, 1972.


S.I. No. 329 of 1972.

EUROPEAN COMMUNITIES (STATE FINANCIAL TRANSACTIONS) REGULATIONS, 1972.

I, SEOIRSE Ó COLLA, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act, 1972 (No. 27 of 1972), hereby make the following regulations:

1 Citation

1. These Regulations may be cited as the European Communities (State Financial Transactions) Regulations, 1972.

2 Commencement

2. These Regulations shall come into operation on the first day of January, 1973.

3 Interpretation

3. In these Regulations "the Minister" means the Minister for Finance.

4 Payments from the Central Fund to discharge Community obligations

4. Any payments necessitated by the obligations of membership of the State of the European Communities may be made from the Central Fund or the growing produce thereof.

5 Advances by Central Bank to Minister for payments to European Investment Bank

5. The Central Bank of Ireland may advance to the Minister moneys required to make any payment to the European Investment Bank arising from membership of the State of the European Communities.

6 Advances from Central Fund to Minister for Agriculture for purposes of the common agricultural policy

6. (1) Advances may be made from the Central Fund or the growing produce thereof to the Minister for Agriculture to enable him to discharge functions in connection with the common agricultural policy of the European Communities.

(2) Advances under this Regulation shall be repaid on such terms and subject to such conditions as may be determined by the Minister.

7 Guarantee of borrowings of Minister for Agriculture

7. The Minister may guarantee borrowings made by the Minister for Agriculture to enable him to discharge functions in connection with the said common agricultural policy from sources other than the Central Fund including moneys borrowed in currencies other than currency of the State.

8 Disposal of moneys arising from membership of Communities

8. All moneys that are payable into accounts under the control of a Minister of State and that arise from membership of the State of the European Communities shall, in default of any specific provision made by law be paid into or otherwise disposed of for the benefit of the Exchequer as the Minister may direct

9 Expenses of Ministers of State under section 3 of European Communities Act, 1972

9. The expenses incurred by the Minister in the administration of these and any other regulations under section 3 of the European Communities Act, 1972 , shall be paid out of moneys provided by the Oireachtas and the expenses incurred by any other Minister of State in the administration of any regulations under that section shall, to such extent as may be sanctioned by the Minister, be paid out of moneys provided by the Oireachtas.

GIVEN under my Official Seal, this 21st day of December, 1972.

SEOIRSE Ó COLLA,

Minister for Finance.

EXPLANATORY NOTE.

These Regulations are designed to enable payments to be made from the Central Fund which are necessitated by Ireland's membership of the European Communities and to provide for receipt of moneys arising out of membership.