Trustee Savings Banks Act, 1989
|
Investment of funds of trustee savings bank. |
32.—(1) The special account in the name of the Minister opened in the Bank of Ireland pursuant to section 31 of the Finance Act, 1940 (referred to subsequently in this section and in section 33 as “the special account”) shall, notwithstanding the repeal of that section by this Act, continue to be maintained by the Minister. | |
(2) The trustees of a trustee savings bank shall pay into the special account or invest in the purchase of securities of the Government such proportion of the moneys deposited with the bank (referred to subsequently in this section as “the designated proportion”) as may be determined by the Central Bank after consultation with the Minister and the Central Bank shall determine, after the like consultation, what proportion (if any) of the designated proportion should be paid as aforesaid and what proportion (if any) thereof should be invested as aforesaid. | ||
(3) The Minister may make regulations— | ||
(a) in relation to the making of payments of moneys into and withdrawals of moneys from the special account, for the investment of moneys to the credit of that account and generally for its management, and | ||
(b) in relation to the realisation of securities purchased pursuant to subsection (2), | ||
and the regulations may specify the circumstances in which and the conditions subject to which such withdrawals and realisations may be made and the proportions of the moneys and securities, respectively, aforesaid that may be withdrawn and realised. | ||
(4) The Minister shall pay to the trustees of a trustee savings bank, on any moneys paid by them into the special account, interest at such rate as may be determined by the Minister, after consultation with the Central Bank. | ||
(5) Regulations under subsection (3) may provide— | ||
(a) that moneys paid into the special account may be paid into the Post Office Savings Bank Fund, and | ||
(b) for the payment out of that Fund to the Minister of moneys so paid into it and for the payment to the Minister of interest on moneys so paid into it at such rate or rates as may be determined by the Minister. | ||
(6) Where a person fails or refuses to make a payment or investment in accordance with subsection (2), he shall be guilty of an offence. |