Dormant Accounts Act, 2001

Investment of Fund.

18.—(1) Subject to subsection (2), the Agency shall, as soon as practicable after 30 April in each year, prepare an investment plan for the Fund, having regard to the plan prepared by the Board under section 42 for the disbursement of moneys from the Fund, and the first investment plan shall be prepared not later than 30 June 2003.

(2) The Minister, in consultation with the Minister for Finance, may issue directions or guidelines to the Agency concerning the preparation of the investment plan, and the Agency shall comply with those directions and prepare the investment plan in accordance with those guidelines.

(3) Moneys standing to the credit of the Fund that are not, for the time being, required for the purpose of meeting the liabilities of the Fund specified in section 17 (4) shall be invested by the Agency in the currency of the State—

(a) in the securities (other than shares in a company) that the Agency considers appropriate, or

(b) by way of deposit of moneys with any credit institution, or the investment of moneys in short term financial products, such as certificates of deposit or commercial paper, issued by any person,

and may be so invested within the State or otherwise.

(4) Any income, capital or other benefit received in respect of moneys in the Fund held or invested by the Agency shall be paid into the Fund, and held or invested for the benefit of the Fund in accordance with subsection (3).

(5) Any interest received by the Agency in respect of moneys invested by way of deposit with a credit institution under subsection (3)(b) shall, for the purposes of Chapter 4 of Part 8 of the Taxes Consolidation Act, 1997 , be deemed to be beneficially owned by the Agency.

(6) In this section “credit institution” has the same meaning as it has in the European Communities (Consolidated Supervision of Credit Institutions) Regulations, 1992 ( S.I. No. 396 of 1992 ).