Bretton Woods Agreements (Amendment) Act, 1969
Acts of the Oireachtas
Source: Acts of the Oireachtas

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paragraphs: —In this Act—
“the Central Bank” means the Central Bank of Ireland;
“the Principal Act” means the Bretton Woods Agreements Act, 1957 ;
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paragraphs: —Acceptance by the Government of the proposed amendment is hereby approved.
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paragraphs: —(1) If, but only if, the proposed amendment (in this section referred to as the amendment) is made and the Government becomes a participant in the Special Drawing Account for which provision is included in the amendment, the provisions of this section shall have effect.
(2) The Central Bank is hereby authorised on behalf of the Government,
(a) to receive from the Fund any special drawing rights allocated to the Government in pursuance of the amendment, and
(b) to acquire in pursuance of the amendment special drawing rights other than those mentioned in paragraph (a) of this subsection.
(3) The Central Bank shall, on behalf of the Government, exercise the rights and accept and discharge the obligations whether relating to special drawing rights received or acquired under this section or otherwise arising from participation in the Special Drawing Account.
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paragraphs: —(1) Section 3 of the Principal Act is hereby amended as follows:
(a) subsection (2) shall be construed and have effect as requiring the payments mentioned in paragraphs (a), (b), (c), (d), (f) and (g) thereof, as and when they become appropriate to be made on behalf of the Government, to be made by the Central Bank,
(b) by the deletion in subsection (3) of “Fund or the” and “Section 5 of Article III of the Fund Agreement and”,
(c) subsection (6) shall in relation to any moneys receivable by the Government from the Fund be construed and have effect as if “Any moneys receivable by the Government from the Fund shall be paid to the Central Bank.” were substituted for all the words therein, and
(d) “paragraphs (e), (h), (i) and (j) of subsection (2) of” shall be inserted after “under” in both subsection (4) and subsection (7).
(2) Subject to subsection (3) of this section, section 3 (8) of the Principal Act is hereby amended by the insertion of “and paragraph (b) of Article XXVII” and “or paragraph (b) of Article XXVII” after “Article VIII” in paragraph (c) and “Section 9 of Article IX” respectively.
(3) Subsection (2) of this section shall come into operation if, and only if, section 3 of this Act comes into effect.
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paragraphs: —(1) The asset represented by the claim relating to the amount by which the Government's quota in the Fund exceeds the aggregate of any outstanding amounts represented either by notes or other obligations created and issued to the Fund by the Minister for Finance pursuant to section 3 (3) of the Principal Act or by the Central Bank pursuant to section 6 of this Act is hereby vested in the Central Bank.
(2) Any amount by which the Government's said quota exceeds the aggregate of any outstanding amounts represented by notes or other obligations so created and issued by the Minister for Finance shall be credited by the Central Bank against any sum advanced to that Minister under section 3 (7) of the Principal Act and outstanding.
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paragraphs: —The Central Bank may create and issue to the Fund, in such form as the Central Bank thinks fit, any such non-interest-bearing and non-negotiable notes or other obligations as are provided for by section 5 of Article III of the Fund Agreement, and any payments in respect of any such notes or obligations so created and issued shall be made by the Central Bank.
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paragraphs: —In this Act and in the Principal Act any reference to the Fund Agreement shall be construed as a reference to that agreement as amended under and in accordance with the Fund Agreement.
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paragraphs: — Sections 4 (1), 5 and 6 of this Act shall come into operation on such day as the Minister for Finance may, with the agreement of the Central Bank, fix therefor by order.
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paragraphs: —Any expenses incurred by the Minister for Finance in the administration of this Act shall be paid out of moneys provided by the Oireachtas.
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paragraphs: —(1) This Act may be cited as the Bretton Woods Agreements (Amendment) Act, 1969.
(2) The Principal Act and this Act shall be construed together as one Act.
(3) The Principal Act and this Act may be cited together as the Bretton Woods Agreements Acts, 1957 and 1969.