Financial Provisions (Covid-19) Act 2020

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Number 4 of 2020


FINANCIAL PROVISIONS (COVID-19) ACT 2020


CONTENTS

1. Definitions

2. Application of section 8

3. SURE Guarantee may be entered into by State

4. Payments out of Central Fund related to SURE Guarantee

5. Payment into Exchequer related to SURE Guarantee

6. Reporting in relation to demands under SURE Guarantee

7. Contribution Agreement and Fund Guarantee may be entered into by State

8. Payments out of Central Fund related to Contribution Agreement and Fund Guarantee

9. Payment into Exchequer related to Contribution Agreement and Fund Guarantee

10. Amendment of section 5 of Strategic Banking Corporation of Ireland Act 2014

11. Provision with respect to Third Protocol to General Agreement on Privileges and Immunities of the Council of Europe

12. Short title and commencement

SCHEDULE 1

Terms of SURE Guarantee

SCHEDULE 2

Terms of Contribution Agreement

SCHEDULE 3

Terms of Fund Guarantee


Acts Referred to

Council of Europe Development Bank Act 2004 (No. 37)

European Communities Act 1972 (No. 27)

Insurance Acts 1909 to 2018

Strategic Banking Corporation of Ireland Act 2014 (No. 22)

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Number 4 of 2020


FINANCIAL PROVISIONS (COVID-19) ACT 2020


An Act to enable the State to participate in the European instrument for temporary support to mitigate unemployment risks in an emergency (SURE) established by Article 1 of Council Regulation (EU) 2020/672 of 19 May 20201 and, for that purpose, to enable the State to enter into the guarantee provided for in Article 11(2) and (3) of that Council Regulation; as respects a certain Fund (the Pan-European Guarantee Fund), the subject of a resolution of the board of directors of the European Investment Bank of 26 May 2020, and which Fund will be established in the circumstances as provided for in that resolution, to enable the State to participate in that Fund and, for that purpose, to enable the State to enter into a certain guarantee agreement and a certain contribution agreement connected with the operation of that Fund; to amend section 5 of the Strategic Banking Corporation of Ireland Act 2014 in relation to the giving of guarantees by the Strategic Banking Corporation of Ireland; to make provision for the enforcement of arbitral awards to which the Third Protocol (done at Strasbourg on 6 March 1959) to the General Agreement on Privileges and Immunities of the Council of Europe (done at Paris on 2 September 1949) applies; and to provide for related matters.

[17th July , 2020]

Be it enacted by the Oireachtas as follows:

1 OJ No. L159, 20.5.2020 p.1