Financial Measures (Miscellaneous Provisions) Act 2009

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Number 14 of 2009

FINANCIAL MEASURES (MISCELLANEOUS PROVISIONS) ACT 2009

ARRANGEMENT OF SECTIONS

PART 1

Preliminary and General

Section

1. Short title.

PART 2

Direct Debit Instructions and Mandates

2. Continuation of certain direct debit instructions.

PART 3

Transfer of Assets of Certain Pension Funds to National Pensions Reserve Fund

3. Interpretation (Part 3).

4. References to “relevant pension scheme”.

5. Transfer orders.

6. Effect of transfer order on assets of funds.

7. Relevant pension scheme to continue after making of transfer order.

8. Transfer of assets under transfer order.

9. Application of certain other Acts.

10. Value of assets transferred to be offset against contributions to Reserve Fund.

11. Exercise of discretions under relevant pension scheme after making of transfer order.

12. Continuation of scheme regarding obligations and benefits.

13. Changes in rules of covered pension schemes.

14. Complaints and disputes.

PART 4

Guarantees by Minister for Finance

15. Construction of certain provisions when Minister for Finance guarantees non-equity securities, etc.

PART 5

Amendments of other Acts

16. Amendment of the Central Bank Act 1989.

17. Amendment of the Credit Institutions (Financial Support) Act 2008.

18. Amendment of the Insurance (No. 2) Act 1983.

19. Amendment of Insurance Act 1989.

20. Amendment of Netting of Financial Contracts Act 1995.

21. Amendment of Taxes Consolidation Act 1997.

SCHEDULE 1

Covered Pension Funds

PART 1

University Pension Funds

PART 2

Other Pension funds

SCHEDULE 2

Amendments of Other Acts

PART 1

Amendment of the Central Bank Act 1989

PART 2

Amendment of the Credit Institutions (Financial Support) Act 2008

PART 3

Amendment of the Insurance (No. 2) Act 1983

PART 4

Amendment of the Insurance Act 1989

PART 5

Amendment of the Netting of Financial Contracts Act 1995

PART 6

Amendment of the Taxes Consolidation Act 1997

Acts Referred to

Number 14 of 2009

FINANCIAL MEASURES (MISCELLANEOUS PROVISIONS) ACT 2009

AN ACT TO PROVIDE FOR THE CONTINUATION OF CERTAIN DIRECT DEBIT MANDATES AFTER THE COMING INTO OPERATION OF THE SINGLE EUROPEAN PAYMENTS AREA DIRECT DEBIT SCHEME, TO PROVIDE FOR THE TRANSFER OF THE ASSETS OF CERTAIN PENSION FUNDS TO THE NATIONAL PENSIONS RESERVE FUND, AND THE CONTINUED PAYMENT OF BENEFITS FORMERLY PAYABLE FROM THOSE FUNDS, TO MAKE PROVISION IN RELATION TO THE GIVING OF CERTAIN GUARANTEES BY THE MINISTER FOR FINANCE, TO AMEND THE CENTRAL BANK ACT 1989 SO AS TO CLARIFY ITS APPLICATION TO CERTAIN ACQUIRING TRANSACTIONS, TO AMEND THE CREDIT INSTITUTIONS (FINANCIAL SUPPORT) ACT 2008 SO AS TO ALLOW THE EXTENSION OF THE PERIOD IN WHICH FINANCIAL SUPPORT UNDER THAT ACT CAN BE PROVIDED, TO AMEND THE INSURANCE (NO. 2) ACT 1983 AND THE INSURANCE ACT 1989 IN RELATION TO LIFE INSURANCE AND REINSURANCE, TO AMEND THE NETTING OF FINANCIAL CONTRACTS ACT 1995 SO AS TO CLARIFY WHETHER CERTAIN PERSONS ARE PARTIES TO A NETTING AGREEMENT, TO AMEND THE TAXES CONSOLIDATION ACT 1997 IN RELATION TO THE TAXATION POSITION OF THE NATIONAL PENSIONS RESERVE FUND COMMISSION IN RELATION TO CERTAIN ASSETS TRANSFERRED FROM PENSION FUNDS TO THE NATIONAL PENSIONS RESERVE FUND, AND TO PROVIDE FOR RELATED PURPOSES;

[26th June, 2009]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: