Financial Provisions (Covid-19) Act 2020
Acts of the Oireachtas
Source: Acts of the Oireachtas

num: 1
paragraphs: In this Act—
num: 2
paragraphs: (1) If, on the commencement of section 8, the Fund has not been established due to the relevant circumstances not being, at that time, met, then that section shall not apply unless and until the occasion occurs on which those circumstances come to be met.
(2) In subsection (1), “relevant circumstances” means the circumstances as provided for in the resolution of the board of directors of the European Investment Bank of 26 May 2020.
num: 3
paragraphs: (1) The State may enter into the SURE Guarantee.
(2) For the forgoing purpose—
(a) the Minister may execute the SURE Guarantee and enter into the commitments provided under that guarantee, and
(b) the Minister shall have all such powers as may be required to do any thing necessary or expedient to be done for the purposes of the State’s performing its obligations under the SURE Guarantee.
num: 4
paragraphs: There may be paid out of the Central Fund, or the growing produce thereof, such sums, not exceeding, in the aggregate, the sum of €483,401,250, as may be required to enable the State to comply with its obligations under the SURE Guarantee.
num: 5
paragraphs: All moneys received by or on behalf of the State by way of repayment of sums paid in accordance with the SURE Guarantee 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.
num: 6
paragraphs: (1) This section applies in the event of a demand, under the SURE Guarantee, being made of the State to make a payment in accordance with the terms of that guarantee; a reference in any subsequent subsection of this section to a demand under the Guarantee being made is a reference to such a demand of the State being made.
(2) On the first occasion of a demand under the Guarantee being made (in this section referred to as the “first demand”), the Minister shall cause to be laid before DÃ¡il Ãireann—
(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 it, specify—
(i) the sum the subject of the first demand (and, if such 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 SURE Guarantee), and
(ii) any sums repaid to the State in accordance with the SURE Guarantee during the period preceding the statement’s preparation,
and
(b) in the case of a statement referred to in paragraph (b) of it, specify—
(i) any sum paid by the State on foot of the first demand pursuant to the SURE Guarantee, and
(ii) any sums repaid to the State in accordance with the SURE Guarantee,
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 preceding the preparation of the particular such statement.
(4) On the second or any subsequent occasion of a demand under the Guarantee being made, the Minister shall cause to be laid before DÃ¡il Ãireann, 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; the laying of any such statement 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 SURE Guarantee 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 SURE Guarantee or when all sums paid by the State under the SURE Guarantee are repaid to the State in accordance with that guarantee’s terms.
num: 7
paragraphs: (1) The State may enter into—
(a) the Contribution Agreement, and
(b) the Fund Guarantee.
(2) The amount that may be contributed by the State to the Fund under the Contribution Agreement and the amount that may be paid by the State under the Fund Guarantee shall not, in aggregate, exceed €167,500,000.
(3) For the purpose of subsection (1)—
(a) the Minister may execute the Contribution Agreement and enter into the commitments provided by that agreement,
(b) the Minister may execute the Fund Guarantee and enter into the commitments provided by that guarantee, and
(c) the Minister shall have all such powers as may be required to do any thing necessary or expedient to be done for the purposes of the State’s performing its obligations under the Contribution Agreement and the Fund Guarantee.
(4) Subject to subsection (5), the State may agree to an amendment being made to—
(a) the Contribution Agreement, or
(b) the Fund Guarantee,
or both.
(5) If any amendment is proposed to be made to the Contribution Agreement or the Fund Guarantee, a draft of the proposed agreement providing for the amendment and containing the text of the amendment shall be laid by the Minister before DÃ¡il Ãireann and the amendment shall not be made unless and until a resolution approving the amendment has been passed by that House.
(6) Any amendment made to the Contribution Agreement or the Fund Guarantee in accordance with subsections (4) and (5) shall be published in Iris OifigiÃºil by the Minister.
(7) A reference in this section or section 8 or 9 to the Contribution Agreement or the Fund Guarantee shall, where the context admits, include a reference to that agreement or guarantee as amended in accordance with subsections (4) and (5).
num: 8
paragraphs: There may be paid out of the Central Fund, or the growing produce thereof, such sums, not exceeding, in aggregate, the sum of €167,500,000, as may be required to enable the State to comply with its obligations under the Contribution Agreement and the Fund Guarantee.
num: 9
paragraphs: All moneys received by or on behalf of the State by way of repayment of sums paid in accordance with the Contribution Agreement and the Fund Guarantee 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.
num: 10
paragraphs: Section 5 of the Strategic Banking Corporation of Ireland Act 2014 is amended by the insertion of the following subsection after subsection (6):
“(7) The Insurance Acts 1909 to 2018, regulations made under those Acts and regulations relating to insurance made under the European Communities Act 1972 do not apply to the giving of guarantees by the SBCI for the purpose of performing any of its functions under this Act.”.
num: 11
paragraphs: (1) In this section—
“Act of 2004” means the Council of Europe Development Bank Act 2004 ;
“arbitral tribunal” means an arbitral tribunal established in accordance with the Loan Regulations of the Council of Europe Development Bank;
num: 12
paragraphs: (1) This Act may be cited as the Financial Provisions (Covid-19) Act 2020.
(2) This Act shall come into operation on such day or days as the Minister may appoint by order or orders either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions.