S.I. No. 277/1990:

NATIONAL TREASURY MANAGEMENT AGENCY ACT, 1990 (DELEGATION OF AND DECLARATION AS TO FUNCTIONS) ORDER, 1990.

NATIONAL TREASURY MANAGEMENT AGENCY ACT, 1990 (DELEGATION OF AND DECLARATION AS TO FUNCTIONS) ORDER, 1990.

The Government, in exercise of the powers conferred on them by section 5 of the National Treasury Management Agency Act, 1990 (No. 18 of 1990), hereby order as follows:

1. (1) This Order may be cited as the National Treasury Management Agency Act, 1990 (Delegation of and Declaration as to Functions) Order, 1990.

(2) This Order shall come into operation on the 3rd day of December, 1990.

2. In this Order--

"the Act" means the National Treasury Management Agency Act, 1990 (No. 18 of 1990);

"the Agency" means the National Treasury Management Agency;

"the Minister" means the Minister for Finance.

3. The following functions of the Minister are hereby delegated to the Agency, namely--

( a ) the functions specified in the First Schedule to the Act,

( b ) the keeping of accounts in relation to the Post Office Savings Bank Fund and the Accounts (other than the Exchequer Account) mentioned in Article 4 (b) of this Order, and

( c ) the functions of the Minister in relation to the management of the national debt and the borrowing of moneys for the Exchequer under--

(i) section 15 of the Post Office Savings Bank Act, 1861,

(ii) subsections (4) to (7) of section 3 of the Bretton Woods Agreements Act, 1957 (No. 18 of 1957),

(iii) subsections (3) to (6) of section 3 of the International Finance Corporation Act, 1958 (No. 22 of 1958),

(iv) subsections (5) and (6) of section 5 of the Insurance Act, 1964 (No. 18 of 1964),

(v) section 7 of the Central Fund (Permanent Provisions) Act, 1965 (No. 26 of 1965),

(vi) section 53 of the Finance Act, 1970 (No. 14 of 1970),

(vii) subsections (4) to (6) of section 3 of the Multilateral Investment Guarantee Agency Act, 1988 (No. 32 of 1988),

(viii) the Savings Certificates Rules, 1926, made by the Minister on the 3rd day of December, 1926, and

(ix) regulation 5 of the European Communities (State Financial Transactions) Regulations, 1972 ( S.I. No. 329 of 1972 ).

4. It is hereby declared that the Agency shall have the following functions, namely--

( a ) the functions specified in subparagraphs (i) to (vii), (ix) and (x) of section 5 (2) (a) of the Act, and

( b ) whenever it considers it necessary or expedient to do so for the purposes of the management of the national debt, the arrangement of payments to and from the Exchequer Account and the giving of directions in relation to the management, in accordance with law, of and the making of payments, in accordance with law, to and from the Post Office Savings Bank Fund and the following accounts of the Minister, namely, the Capital Services Redemption Account, the National Loans Sinking Funds Accounts, the National Loans Advance Interest Account, the Account of the Minister for Finance -- Stock Accepted in Payment of Inheritance Tax and Death Duties, the Minister for Finance Advances Account, the Deposit Moneys Fund Investment Account and the National Loans Winding-Up Account.

GIVEN under the Official Seal of the Government, this 22nd day of November, 1990.

CHARLES J. HAUGHEY,

Taoiseach.

EXPLANATORY NOTE.

As provided for under the National Treasury Management Agency Act 1990 (Section 5) this order delegates to the Agency the statutory functions of the Minister for Finance relating to borrowing and debt management, and sets out the functions of the Agency.