Next (SCHEDULE AGREEMENT ESTABLISHING A FINANCIAL SUPPORT FUND OF THE ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT)

21 1976

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Number 21 of 1976


ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (FINANCIAL SUPPORT FUND) (AGREEMENT) ACT, 1976


ARRANGEMENT OF SECTIONS

Section

1.

Definitions.

2.

Approval of acceptance.

3.

Central Bank to be single monetary authority for certain purpose of Agreement.

4.

Provision for certain transactions in relation to the Fund.

5.

Power of Central Bank to create and issue certain obligations for purposes under section 4.

6.

Provisions regarding liquidation of Fund.

7.

Commencement.

8.

Expenses.

9.

Short title.

Schedule

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Number 21 of 1976


ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (FINANCIAL SUPPORT FUND) (AGREEMENT) ACT, 1976


AN ACT TO MAKE PROVISION WITH RESPECT TO ACCEPTANCE BY THE STATE OF THE AGREEMENT, SIGNED IN PARIS ON BEHALF OF THE STATE ON THE 9th DAY OF APRIL, 1975, ESTABLISHING A FINANCIAL SUPPORT FUND OF THE ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, TO PROVIDE FOR THE DESIGNATION BY THE STATE OF THE CENTRAL BANK OF IRELAND FOR THE PURPOSE OF THAT AGREEMENT AND FOR THE EXERCISE BY THAT BANK ON BEHALF OF THE STATE OF CERTAIN FUNCTIONS IN RELATION TO THAT AGREEMENT, AND TO PROVIDE FOR MATTERS (INCLUDING PAYMENTS) RELATED TO THE AFORESAID MATTERS. [6th July, 1976 ]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Definitions.

1. —In this Act—

the Agreement” means the agreement establishing a Financial Support Fund of the Organisation for Economic Co-operation and Development, the text of which is set out in the Schedule to this Act;

the Central Bank” means the Central Bank of Ireland;

the Fund” means the Financial Support Fund of the Organisation for Economic Co-operation and Development established by the Agreement;

the Minister” means the Minister for Finance.

Approval of acceptance.

2. —Acceptance by the State of the Agreement is hereby approved.

Central Bank to be single monetary authority for certain purpose of Agreement.

3. —For the purpose of section 9 of Article XVI of the Agreement, the Central Bank shall act as the single monetary authority responsible for transactions between the State and the Fund.

Provision for certain transactions in relation to the Fund.

4. —(1) Any payment requiring to be made or undertaking requiring to be provided by the State to the Fund under the Agreement, other than a payment or undertaking under Article XIX of the Agreement, shall, as and when it becomes appropriate to be made or provided, be made or provided on behalf of the State by the Central Bank.

(2) All moneys receivable by the State from the Fund under the Agreement, other than under Article XIX of the Agreement, shall be paid to the Central Bank on behalf of the State.

Power of Central Bank to create and issue certain obligations for purposes under section 4.

5. —(1) For the purpose of making a payment or providing an undertaking under section 4 of this Act, the Central Bank may create and issue, in such form as it thinks fit, such notes or other obligations as may be required for that purpose and may, in such manner as it thinks fit, enter into such commitments as may be required for that purpose.

(2) Any payments in respect of any notes or obligations created or issued under this section or in respect of any commitments entered into under this section shall be made by the Central Bank.

Provisions regarding liquidation of Fund.

6. —(1) Any payment by the State under Article XIX of the Agreement shall be made by the Minister from the Central Fund or the growing produce thereof.

(2) All moneys receivable by the State under Article XIX of the Agreement shall be paid to the Minister and shall be disposed of for the benefit of the Exchequer as the Minister may direct.

(3) Any unsettled amount due to the Central Bank on the liquidation of the Fund in respect of a payment made under section 4 of this Act by the Central Bank shall be duly paid to the Central Bank by the Minister from the Central Fund or the growing produce thereof.

Commencement.

7. —This Act shall come into operation on such day or days as the Minister, after consultation with the Central Bank, appoints by order or orders, either generally or with reference to a particular purpose or provision, and different days may be so appointed for different purposes and different provisions of this Act.

Expenses.

8. —Any expenses incurred by the Minister in the administration of this Act shall be paid out of moneys provided by the Oireachtas.

Short title.

9. —This Act may be cited as the Organisation for Economic Co-operation and Development (Financial Support Fund) (Agreement) Act, 1976.