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S.I. No. 125/1974 - European Communities (Powers of Central Bank in Relation To Certain Mutual Assistance by Member States) Regulations, 1974.

S.I. No. 125 of 1974.

EUROPEAN COMMUNITIES (POWERS OF CENTRAL BANK IN RELATION TO CERTAIN MUTUAL ASSISTANCE BY MEMBER STATES) REGULATIONS, 1974.

I, RICHIE RYAN, 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. These Regulations may be cited as the European Communities (Powers of Central Bank in Relation to Certain Mutual Assistance by Member States) Regulations, 1974.

2. These Regulations shall come into operation on the First day of June, 1974.

3. In this Regulation—

"the Central Bank" means the Central Bank of Ireland;

" the Council Decision" means Council Decision No. 71/143/EEC of 22 March, 19711 (which provides for the setting up of machinery for granting medium-term financial assistance to Member States in or threatened with difficulties as regards their balances of payments), as adapted by the Treaty relating to the accession of Ireland to the European Economic Community and to the European Atomic Energy Community, signed at Brussels on the 22nd day of January, 1972.

1 OJ No. L73/15, 27/3/71, p177.

4. Any payments or credits requiring to be made or granted by the State under the Council Decision shall, as and when they become appropriate to be made or granted, be made or granted on behalf of the State by the Central Bank.

5. Any moneys receivable by the State under the Council Decision shall be paid to the Central Bank.

6. The Central Bank may create and issue, in such form as the Central Bank thinks fit, such notes or other obligations as may be appropriate by reason of any requirements of the Council Decision affecting the State and any payments in respect of any notes or obligations so created and issued shall be made by the Central Bank.

GIVEN under my Official Seal this 7th day of May, 1974.

RICHIE RYAN,

Minister for Finance.

EXPLANATORY NOTE.

These Regulations empower the Central Bank of Ireland to grant credits and receive payments on behalf of the State under the EEC medium term financial aid scheme.