Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009

Amendment of section 6 (functions of Commission) of Principal Act.

3.— Section 6 of the Principal Act is amended—

(a) in subsection (1)(a) by inserting “and sections 19A and 19B” after “Fund investment policy”,

(b) in subsection (1)(c) by substituting “securities issued under section 54 (1) of the Finance Act 1970 ,”, for “Irish government securities,”,

(c) by inserting after subsection (1)(c)—

“(ca) to accept funds or assets for the benefit of the Fund from sources other than the Central Fund, if so directed by the Minister,”,

(d) in subsection (1)(k) by substituting “Fund, and” for “Fund.”,

(e) by inserting after subsection (1)(k)—

“(l) to advise the Minister, whenever the Minister so requests, on any matter about which the Minister proposes to give a direction under section 19A or 19B.”,

(f) in subsection (2)(e) by substituting “its functions,” for “its functions.”, and

(g) by inserting after subsection (2)(e)—

“(f) comply with a direction by the Minister under section 19A or 19B,

(g) act as an underwriter, lead manager or arranger, or in any other similar capacity (whether alone or with another person or undertaking on a joint, several or joint and several basis), in relation to the issue of securities of any kind, and

(h) form a Commission investment vehicle or cause a Commission investment vehicle to be formed.”.