IE-2024-act-3 — Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Act 2024

PART 1 Preliminary and General Short title and commencement 1. (1) This Act may be cited as the Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Act 2024. (2) This Act shall come into operation on such day or days as the Minister may, by order or orders either generally or with reference to any particular purpose or provision, appoint and different days may be so appointed for different purposes or different provisions. Definition 2. In this Act, “Minister” means the Minister for Finance. PART 2 Prescribed European Investment Bank Contribution Agreements Prescribed European Investment Bank Contribution Agreements 3. (1) The Minister may by order prescribe a contribution agreement between the State and the European Investment Bank (in this section referred to as a “prescribed EIB Contribution Agreement”) for the purposes of this section where— (a) the contribution agreement relates to a trust fund or other contribution-based financing mechanism established by the European Investment Bank for the purpose of granting finance in accordance with its Statute, and (b) the contribution agreement specifies— (i) the amount that the State agrees to contribute to the trust fund or other contribution-based financing mechanism concerned, and (ii) the terms on which the contribution shall be made. (2) Where the Minister makes an order under subsection (1) , the terms of the prescribed EIB Contribution Agreement concerned shall be appended to the order. (3) The State may enter into a prescribed EIB Contribution Agreement. (4) For the purposes of subsection (3) , the Minister— (a) may execute the prescribed EIB Contribution Agreement concerned and enter into the commitments provided under that agreement, and (b) shall have all such powers as may be required to do anything necessary or expedient to be done for the purposes of the performance by the State of its obligations under the agreement. (5) Subject to subsection (6) , the State may agree to an amendment being made to a prescribed EIB Contribution Agreement. (6) Where any amendment is proposed to be made to a prescribed EIB Contribution Agreement, a draft of the proposed agreement providing for the amendment and containing the text of the amendment shall be laid by the Minister before Dáil Éireann and the amendment shall not be made unless and until a resolution approving the amendment has been passed by that House. (7) Any amendment made to a prescribed EIB Contribution Agreement in accordance with subsection s (5) and (6) shall be published in Iris Oifigiúil by or on behalf of the Minister. (8) A reference in this section to a prescribed EIB Contribution Agreement shall, where the context so admits, include a reference to that agreement as amended in accordance with subsection s (5) and (6). (9) There may be paid out of the Central Fund, or the growing produce thereof, such sums, not exceeding, in the aggregate— (a) in respect of a single prescribed EIB Contribution Agreement, the sum of €35,000,000, and (b) in respect of all prescribed EIB Contribution Agreements, the sum of €175,000,000, as may be required to enable the State to comply with its obligations under each prescribed EIB Contribution Agreement. (10) All moneys received by or on behalf of the State by way of repayment of sums paid in accordance with a prescribed EIB Contribution Agreement shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available. (11) For the purposes of the calculation of the aggregate amount of any payment that may be made by the Minister in accordance with subsection (9) , account shall be taken of any moneys received by or on behalf of the State in accordance with subsection (10) . (12) In respect of each reporting period the Minister shall, as soon as practicable after the end of the period, cause a report to be laid before Dáil Éireann which includes the following information: (a) the aggregate amount of payments (if any) made by the State to enable it to comply with its obligations under each prescribed EIB Contribution Agreement during the reporting period concerned; (b) the aggregate amount of payments (if any) made by the State to enable it to comply with its obligations under each prescribed EIB Contribution Agreement from the date of the coming into operation of this section to the end of the reporting period concerned. (13) An order under subsection (1) shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next 21 days on which that House sits after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder. (14) In this section, “reporting period” means— (a) in the case of the first report made under subsection (12) , the period beginning on the date of the coming into operation of this section and ending on 31 December next following that date, and (b) in the case of each subsequent report made under subsection (12) , the period beginning on 1 January and ending on 31 December next following the immediately preceding reporting period. PART 3 Amendment of European Bank for Reconstruction and Development Act 1991 Definition ( Part 3 ) 4. In this Part, “Act of 1991” means the European Bank for Reconstruction and Development Act 1991 . Amendment of section 1 of Act of 1991 5. Section 1 of the Act of 1991 is amended by the substitution of the following definition for the definition of “the Agreement”: “ ‘the Agreement’ means the Agreement establishing the European Bank for Reconstruction and Development done at Paris on the 29th day of May 1990, as amended by resolutions adopted on the 30th day of January 2004 and the 30th day of September 2011, respectively, by the Board of Governors of the Bank (the text of which, in the English language, is, for convenience of reference, set out in the Schedule to this Act), and any further amendments to the Agreement approved by Dáil Éireann, whether pursuant to Article 29.5.2° of the Constitution or otherwise;”. Prescribed European Bank for Reconstruction and Development Contribution Agreements 6. The Act of 1991 is amended by the insertion of the following section after section 3: “3A. (1) The Minister may by order prescribe a contribution agreement between the State and the Bank (in this section referred to as a ‘prescribed EBRD Contribution Agreement’) for the purposes of this section where— (a) the contribution agreement relates to a Special Fund of which the Bank has accepted administration pursuant to Article 18 of the Agreement, (b) the contribution agreement specifies— (i) the amount that the State agrees to contribute to the Special Fund concerned, and (ii) the terms on which the contribution shall be made, and (c) the terms of the contribution agreement have been approved by Dáil Éireann pursuant to Article 29.5.2° of the Constitution. (2) Where the Minister makes an order under subsection (1), the terms of the prescribed EBRD Contribution Agreement concerned shall be appended to the order. (3) The State may enter into a prescribed EBRD Contribution Agreement. (4) For the purposes of subsection (3), the Minister— (a) may execute the prescribed EBRD Contribution Agreement concerned and enter into the commitments provided under that agreement, and (b) shall have all such powers as may be required to do anything necessary or expedient to be done for the purposes of the performance by the State of its obligations under the agreement. (5) Subject to subsection (6), the State may agree to an amendment being made to a prescribed EBRD Contribution Agreement. (6) Where any amendment is proposed to be made to a prescribed EBRD Contribution Agreement, a draft of the proposed agreement providing for the amendment and containing the text of the amendment shall be laid by the Minister before Dáil Éireann and the amendment shall not be made unless and until a resolution approving the amendment has been passed by that House. (7) Any amendment made to a prescribed EBRD Contribution Agreement in accordance with subsections (5) and (6) shall be published in Iris Oifigiúil by or on behalf of the Minister. (8) A reference in this section to a prescribed EBRD Contribution Agreement shall, where the context so admits, include a reference to that agreement as amended in accordance with subsections (5) and (6). (9) There may be paid out of the Central Fund, or the growing produce thereof, such sums, not exceeding, in the aggregate— (a) in respect of a single prescribed EBRD Contribution Agreement, the sum of €10,000,000, and (b) in respect of all prescribed EBRD Contribution Agreements, the sum of €100,000,000, as may be required to enable the State to comply with its obligations under each prescribed EBRD Contribution Agreement. (10) All moneys received by or on behalf of the State by way of repayment of sums paid in accordance with a prescribed EBRD Contribution Agreement shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available. (11) For the purpose of the calculation of the aggregate amount of any payment that may be made by the Minister in accordance with subsection (9), account shall be taken of any moneys received by or on behalf of the State in accordance with subsection (10). (12) In respect of each reporting period the Minister shall, as soon as practicable after the end of the period, cause a report to be laid before Dáil Éireann which includes the following information: (a) the aggregate amount of payments (if any) made by the State to enable it to comply with its obligations under each prescribed EBRD Contribution Agreement during the reporting period concerned; (b) the aggregate amount of payments (if any) made by the State to enable it to comply with its obligations under each prescribed EBRD Contribution Agreement from the date of the coming into operation of section 6 of the Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Act 2024 to the end of the reporting period concerned. (13) An order under subsection (1) shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next 21 days on which that House sits after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder. (14) In this section, ‘reporting period’ means— (a) in the case of the first report under subsection (12), the period beginning on the date of the coming into operation of section 6 of the Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Act 2024 and ending on 31 December next following that date, and (b) in the case of each subsequent report made under subsection (12), the period beginning on 1 January and ending on 31 December next following the immediately preceding reporting period.”. Amendment of Schedule to Act of 1991 7. The Act of 1991 is amended by the substitution of the Schedule set out in Schedule 1 to this Act for the Schedule to that Act. PART 4 Amendment of Council of Europe Development Bank Act 2004 Definition ( Part 4 ) 8. In this Part, “Act of 2004” means the Council of Europe Development Bank Act 2004 . Amendment of section 1 of Act of 2004 9. Section 1 of the Act of 2004 is amended by the substitution of the following definition for the definition of “Agreement”: “ ‘Agreement’ means the Articles of Agreement of the Council of Europe Development Bank adopted on 16 June 1993, as amended by resolutions adopted on 26 November 2010 and 25 November 2011, respectively, by the Governing Board of the Bank, the text of which is set out in Schedule 1 to this Act, and any further amendments to the Agreement approved by Dáil Éireann, whether pursuant to Article 29.5.2° of the Constitution or otherwise;”. Prescribed Council of Europe Development Bank Contribution Agreements 10. The Act of 2004 is amended by the insertion of the following section after section 3: “3A. (1) The Minister may by order prescribe a contribution agreement between the State and the Bank (in this section referred to as a ‘prescribed CEDB Contribution Agreement’) for the purposes of this section where— (a) the contribution agreement relates to the opening and management of a trust account by the Bank pursuant to section 3 of Article VII of the Agreement, (b) the contribution agreement specifies— (i) the amount that the State agrees to contribute to the trust account concerned, and (ii) the terms on which the contribution shall be made, and (c) the terms of the contribution agreement have been approved by Dáil Éireann pursuant to Article 29.5.2° of the Constitution. (2) Where the Minister makes an order under subsection (1), the terms of the prescribed CEDB Contribution Agreement concerned shall be appended to the order. (3) The State may enter into a prescribed CEDB Contribution Agreement. (4) For the purposes of subsection (3), the Minister— (a) may execute the prescribed CEDB Contribution Agreement concerned and enter into the commitments provided under that agreement, and (b) shall have all such powers as may be required to do anything necessary or expedient to be done for the purposes of the performance by the State of its obligations under the agreement. (5) Subject to subsection (6), the State may agree to an amendment being made to a prescribed CEDB Contribution Agreement. (6) Where any amendment is proposed to be made to a prescribed CEDB Contribution Agreement, a draft of the proposed agreement providing for the amendment and containing the text of the amendment shall be laid by the Minister before Dáil Éireann and the amendment shall not be made unless and until a resolution approving the amendment has been passed by that House. (7) Any amendment made to a prescribed CEDB Contribution Agreement in accordance with subsections (5) and (6) shall be published in Iris Oifigiúil by or on behalf of the Minister. (8) A reference in this section to a prescribed CEDB Contribution Agreement shall, where the context so admits, include a reference to that agreement as amended in accordance with subsections (5) and (6). (9) There may be paid out of the Central Fund, or the growing produce thereof, such sums, not exceeding, in the aggregate— (a) in respect of a single prescribed CEDB Contribution Agreement, the sum of €10,000,000, and (b) in respect of all prescribed CEDB Contribution Agreements, the sum of €100,000,000, as may be required to enable the State to comply with its obligations under each prescribed CEDB Contribution Agreement. (10) All moneys received by or on behalf of the State by way of repayment of sums paid in accordance with a prescribed CEDB Contribution Agreement shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available. (11) For the purpose of the calculation of the aggregate amount of any payment that may be made by the Minister in accordance with subsection (9), account shall be taken of any moneys received by or on behalf of the State in accordance with subsection (10). (12) In respect of each reporting period the Minister shall, as soon as practicable after the end of the period, cause a report to be laid before Dáil Éireann which includes the following information: (a) the aggregate amount of payments (if any) made by the State to enable it to comply with its obligations under each prescribed CEDB Contribution Agreement during the reporting period concerned; (b) the aggregate amount of payments (if any) made by the State to enable it to comply with its obligations under each prescribed CEDB Contribution Agreement from the date of the coming into operation of section 10 of the Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Act 2024 to the end of the reporting period concerned. (13) An order under subsection (1) shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next 21 days on which that House sits after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder. (14) In this section— ‘Minister’ means the Minister for Finance; ‘reporting period’ means— (a) in the case of the first report made under subsection (12), the period beginning on the date of the coming into operation of section 10 of the Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Act 2024 and ending on 31 December next following that date, and (b) in the case of each subsequent report made under subsection (12), the period beginning on 1 January and ending on 31 December next following the immediately preceding reporting period.”. Amendment of Schedule 1 to Act of 2004 11. The Act of 2004 is amended by the substitution of the Schedule set out in Schedule 2 to this Act for Schedule 1 to that Act. PART 5 Guarantee Agreement Definition ( Part 5 ) 12. In this Part, “Guarantee Agreement” means the guarantee agreement as provided for in Article 10 of Decision (EU) 2022/1628 of the European Parliament and of the Council of 20 September 2022 3 , the terms of which are set out in Schedule 3 , to be entered into between the State and the European Commission so as to provide the guarantee, on the part of the State, referred to in Article 9 of that Decision. Guarantee Agreement may be entered into by State 13. (1) The State may enter into the Guarantee Agreement. (2) For the purpose of subsection (1) , the Minister— (a) may execute the Guarantee Agreement and enter into the commitments provided under that agreement, and (b) shall have all such powers as may be required to do anything necessary or expedient to be done for the purposes of the performance by the State of its obligations under the Guarantee Agreement. (3) Subject to subsection (4) , the State may agree to an amendment being made to the Guarantee Agreement. (4) Where any amendment is proposed to be made to the Guarantee Agreement, a draft of the proposed agreement providing for the amendment and containing the text of the amendment shall be laid by the Minister before Dáil Éireann and the amendment shall not be made unless and until a resolution approving the amendment has been passed by that House. (5) Any amendment made to the Guarantee Agreement in accordance with subsections (3) and (4) shall be published in Iris Oifigiúil by or on behalf of the Minister. (6) A reference in this section or section 14 , 15 or 16 to the Guarantee Agreement shall, where the context so admits, include a reference to that agreement as amended in accordance with subsections (3) and (4) . Payment out of Central Fund related to Guarantee Agreement 14. There may be paid out of the Central Fund, or the growing produce thereof, such sums, not exceeding, in the aggregate, the sum of €76,938,998, as may be required to enable the State to comply with its obligations under the Guarantee Agreement. Payment into Exchequer related to Guarantee Agreement 15. All monies received by or on behalf of the State by way of repayment of sums paid in accordance with the Guarantee Agreement shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available. Reporting in relation to demands under Guarantee Agreement 16. (1) This section applies in the event of a demand, under the Guarantee Agreement, being made of the State to make a payment in accordance with the terms of that Agreement and a reference in any subsequent subsection of this section to a demand being made under the Guarantee Agreement is a reference to such a demand being made of the State. (2) On the first occasion of a demand being made under the Guarantee Agreement (in this section referred to as the “first demand”), the Minister shall cause to be laid before Dáil Éireann— (a) within one month from that occasion, a statement as provided under subsection (3)(a) , and (b) within one month from each anniversary of that occasion, a further statement as provided under subsection (3)(b) . (3) A statement under subsection (2) shall— (a) in the case of the statement referred to in paragraph (a) of subsection (2) , specify— (i) the sum the subject of the first demand (and, if such sum has been paid by the State by the time of the statement’s preparation, the sum paid by the State on foot of that demand pursuant to the Guarantee Agreement), and (ii) any sums repaid to the State in accordance with the Guarantee Agreement during the period preceding the statement’s preparation, and (b) in the case of a statement referred to in paragraph (b) of subsection (2) , specify— (i) any sum paid by the State on foot of the first demand pursuant to the Guarantee Agreement, and (ii) any sums repaid to the State in accordance with the Guarantee Agreement, during the period beginning on the preparation of the statement referred to in subsection (2)(a) and ending on the preparation of the statement referred to in subsection (2)(b) or, in the case of the second or any subsequent statement referred to in subsection (2)(b) , during the period of 12 months immediately preceding the preparation of the particular such statement. (4) (a) On the second or any subsequent occasion of a demand being made under the Guarantee Agreement, the Minister shall cause to be laid before Dáil Éireann, within one month from the occasion of that second or subsequent demand, a statement specifying the sum the subject of that second or subsequent demand. (b) The laying of any statement under paragraph (a) shall not relieve the obligation of the Minister to lay any statement required to be laid by subsection (2) (and any latter statement shall, in addition to the matters specified in subsection (3) , specify the sum, if any, paid by the State, on foot of the second or subsequent demand, pursuant to the Guarantee Agreement during the period to which that latter statement relates). (5) This section shall cease to apply on the date the State is released from its obligations under the Guarantee Agreement or when all sums paid by the State under the Guarantee Agreement are repaid to the State in accordance with that Agreement’s terms. PART 6 MFA+ Contribution Agreement Definition ( Part 6 ) 17. In this Part, “MFA+ Contribution Agreement” means the contribution agreement as provided for in paragraph (1) of Article 7 of Regulation (EU) 2022/2463 of the European Parliament and of the Council of 14 December 2022 4 , the terms of which are set out in Schedule 4 , to be entered into between the State and the European Commission so as to set the amount of the contribution, on the part of the State, referred to in that Article 7. MFA+ Contribution Agreement may be entered into by State 18. (1) The State may enter into the MFA+ Contribution Agreement. (2) For the purpose of subsection (1) , the Minister— (a) may execute the MFA+ Contribution Agreement and enter into the commitments provided under that agreement, and (b) shall have all such powers as may be required to do anything necessary or expedient to be done for the purposes of the performance by the State of its obligations under the MFA+ Contribution Agreement. (3) Subject to subsection (4) , the State may agree to an amendment being made to the MFA+ Contribution Agreement. (4) Where any amendment is proposed to be made to the MFA+ Contribution Agreement, a draft of the proposed agreement providing for the amendment and containing the text of the amendment shall be laid by the Minister before Dáil Éireann and the amendment shall not be made unless and until a resolution approving the amendment has been passed by that House. (5) Any amendment made to the MFA+ Contribution Agreement in accordance with subsections (3) and (4) shall be published in Iris Oifigiúil by or on behalf of the Minister. (6) A reference in this section or section 19 , 20 or 21 to the MFA+ Contribution Agreement shall, where the context so admits, include a reference to that agreement as amended in accordance with subsections (3) and (4) . Payment out of Central Fund related to MFA+ Contribution Agreement 19. There may be paid out of the Central Fund, or the growing produce thereof, such sums, not exceeding, in the aggregate, the sum of €63,625,172, as may be required to enable the State to comply with its obligations under the MFA+ Contribution Agreement. Payment into Exchequer related to MFA+ Contribution Agreement 20. All moneys received by or on behalf of the State by way of repayment of sums paid in accordance with the MFA+ Contribution Agreement shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available. Reporting in relation to MFA+ Contribution Agreement 21. (1) In respect of each reporting period the Minister shall, as soon as practicable after the end of the period, cause a report to be laid before Dáil Éireann that includes the following information: (a) the aggregate amount of payments made by the State to enable it to comply with its obligations under the MFA+ Contribution Agreement during the reporting period concerned; (b) the aggregate amount of payments made by the State to enable it to comply with its obligations under the MFA+ Contribution Agreement from the date of the coming into operation of this section to the end of the reporting period concerned. (2) In subsection (1) , “reporting period” means— (a) in the case of the first report made under subsection (1) , the period beginning on the date of the coming into operation of this section and ending on 31 December next following that date, and (b) in the case of each subsequent report made under subsection (1) , the period beginning on 1 January and ending on 31 December next following the immediately preceding reporting period. PART 7 Amendment of Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 Amendment of section 38 of Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 22. Section 38 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 is amended, in subsection (1), by the deletion of “situated in a place other than a Member State”.