S.I. No. 456/1997 - National Treasury Management Agency (Delegation of Functions) Order, 1997.

S.I. No. 456 of 1997.

ORDER entitled NATIONAL TREASURY MANAGEMENT AGENCY (DELEGATION OF FUNCTIONS) ORDER, 1997.

The Government, in exercise of the powers conferred on them by section 5 of the National Treasury Management Agency Act, 1990 (No. 18 of 1990), hereby order as follows:

1. (1) This Order may be cited as the National Treasury Management Agency (Delegation of Functions) Order, 1997.

(2) This Order shall come into operation on the first day of January, 1998.

2. The functions of the Minister for Finance under subsection (10) (inserted by section 161 of the Finance Act, 1997 (No. 22 of 1997)) of section 54 of the Finance Act, 1970 (No. 14 of 1970), are hereby delegated to the National Treasury Management Agency.

Given under the Official Seal

of the Government, this

12th day of November, 1997.

Bertie Ahern,

TAOISEACH.

EXPLANATORY NOTE

As provided for in section 5 of the National Treasury Management Agency Act, 1990 and section 54 of the Finance Act, 1970 , as amended by section 161 of the Finance Act, 1997 , this Order delegates to the National Treasury Management Agency the statutory power of the Minister for Finance to designate existing and future Irish Government bonds as 'strippable'. That involves allowing the separate holding of the right to receive each of the interest payments on a bond and the right to receive the final principal repayment of a bond and involves these rights being purchasable and saleable separately. The stripping of such bonds is to be carried out at the discretion of the holder.