Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Act 2024

Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Act 2024 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 2024 Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Act 2024 Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Act 2024 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 3 of 2024 FINANCE (STATE GUARANTEES, INTERNATIONAL FINANCIAL INSTITUTION FUNDS AND MISCELLANEOUS PROVISIONS) ACT 2024 CONTENTS PART 1 Preliminary and General Section 1. Short title and commencement 2. Definition PART 2 Prescribed European Investment Bank Contribution Agreements 3. Prescribed European Investment Bank Contribution Agreements PART 3 Amendment of European Bank for Reconstruction and Development Act 1991 4. Definition (Part 3) 5. Amendment of section 1 of Act of 1991 6. Prescribed European Bank for Reconstruction and Development Contribution Agreements 7. Amendment of Schedule to Act of 1991 PART 4 Amendment of Council of Europe Development Bank Act 2004 8. Definition (Part 4) 9. Amendment of section 1 of Act of 2004 10. Prescribed Council of Europe Development Bank Contribution Agreements 11. Amendment of Schedule 1 to Act of 2004 PART 5 Guarantee Agreement 12. Definition (Part 5) 13. Guarantee Agreement may be entered into by State 14. Payment out of Central Fund related to Guarantee Agreement 15. Payment into Exchequer related to Guarantee Agreement 16. Reporting in relation to demands under Guarantee Agreement PART 6 MFA + Contribution Agreement 17. Definition (Part 6) 18. MFA+ Contribution Agreement may be entered into by State 19. Payment out of Central Fund related to MFA+ Contribution Agreement 20. Payment into Exchequer related to MFA+ Contribution Agreement 21. Reporting in relation to MFA+ Contribution Agreement PART 7 Amendment of Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 22. Amendment of section 38 of Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 SCHEDULE 1 Agreement Establishing the European Bank for Reconstruction and Development SCHEDULE 2 Articles of agreement of the council of europe development bank SCHEDULE 3 Guarantee Agreement to be Entered into Between the State and the European Commission Pursuant to Article 10 of Decision 2022/1628 of the European Parliament and of the Council of 20 September 2022 SCHEDULE 4 Contribution Agreement to be Entered into Between the State and the European Commission Pursuant to Article 7(1) of Regulation (EU) 2022/2463 of the European Parliament and of the Council of 14 December 2022 Acts Referred to Council of Europe Development Bank Act 2004 (No. 37) Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (No. 6) European Bank for Reconstruction and Development Act 1991 (No. 1) Number 3 of 2024 FINANCE (STATE GUARANTEES, INTERNATIONAL FINANCIAL INSTITUTION FUNDS AND MISCELLANEOUS PROVISIONS) ACT 2024 An Act to enable the State to participate in certain donor or trust funds established by the European Investment Bank, the Council of Europe Development Bank or the European Bank for Reconstruction and Development, and, for that purpose, to enable the State to enter into certain contribution agreements related to those funds prescribed by the Minister for Finance, and for those and other purposes to amend the European Bank for Reconstruction and Development Act 1991 and the Council of Europe Development Bank Act 2004 ; to enable the State to participate in the provision of exceptional macro-financial assistance by the European Union to Ukraine and, for that purpose to enable the State to enter into the guarantee agreement provided for in Article 10 of Decision (EU) 2022/1628 of the European Parliament and of the Council of 20 September 20221 and a contribution agreement as provided for in Article 7(1) of Regulation (EU) 2022/2463 of the European Parliament and of the Council of 14 December 20222 ; to amend section 38 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 ; and to provide for related matters. [14th February, 2024] Be it enacted by the Oireachtas as follows: 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 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 EIB 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 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 20223 , 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 20224 , 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”. SCHEDULE 1 Agreement Establishing the European Bank for Reconstruction and Development Section 7 “SCHEDULE AGREEMENT ESTABLISHING THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT CONTENTS Chapters I Purpose, functions and membership II Capital III Operations IV Borrowing and other miscellaneous powers V Currencies VI Organization and management VII Withdrawal and suspension of membership: Temporary suspension and termination of operation VIII Status, immunities, privileges and exemptions IX Amendments, interpretation, arbitration X Final provisions Annex A Annex B Agreement Establishing the European Bank for Reconstruction and Development The Contracting Parties, Committed to the fundamental principles of multiparty democracy, the rule of law, respect for human rights and market economics; Recalling the Final Act of the Helsinki Conference on Security and Co-operation in Europe, and in particular its Declaration on Principles; Welcoming the intent of Central and Eastern European countries to further the practical implementation of multiparty democracy, strengthening democratic institutions, the rule of law and respect for human rights and their willingness to implement reforms in order to evolve towards market-oriented economies; Considering the importance of close and co-ordinated co-operation in order to promote the economic progress of Central and Eastern European countries to help their economies become more internationally competitive and assist them in their reconstruction and development and thus to reduce, where appropriate, any risks related to the financing of their economies; Convinced that the establishment of a multilateral financial institution which is European in its basic character and broadly international in its membership would help serve these ends and would constitute a new and unique structure of co-operation in Europe; Have agreed to establish hereby the European Bank for Reconstruction and Development (hereinafter called “the Bank”) which shall operate in accordance with the following: Chapter I PURPOSE, FUNCTIONS AND MEMBERSHIP Article 1 Purpose In contributing to economic progress and reconstruction, the purpose of the Bank shall be to foster the transition towards open market-oriented economies and to promote private and entrepreneurial initiative in the Central and Eastern European countries committed to and applying the principles of multiparty democracy, pluralism and market economics. Subject to the same conditions, the purpose of the Bank may also be carried out in Mongolia and in member countries of the Southern and Eastern Mediterranean as determined by the Bank upon the affirmative vote of not less than two-thirds of the Governors, representing not less than three-fourths of the total voting power of the members. Accordingly, any reference in this Agreement and its annexes to “Central and Eastern European countries”, “countries from Central and Eastern Europe”, “recipient country (or countries)” or “recipient member country (or countries)” shall refer to Mongolia and each of such countries of the Southern and Eastern Mediterranean as well. Article 2 Functions 1. To fulfil on a long-term basis its purpose of fostering the transition of Central and Eastern European countries towards open market-oriented economies and the promotion of private and entrepreneurial initiative, the Bank shall assist the recipient member countries to implement structural and sectoral economic reforms, including demonopolization, decentralization and privatization, to help their economies become fully integrated into the international economy by measures: i) to promote, through private and other interested investors, the establishment, improvement and expansion of productive, competitive and private sector activity, in particular small and medium-sized enterprises; ii) to mobilize domestic and foreign capital and experienced management to the end described in (i); iii) to foster productive investment, including in the service and financial sectors, and in related infrastructure where that is necessary to support private and entrepreneurial initiatives, thereby assisting in making a competitive environment and raising productivity, the standard of living and conditions of labour; iv) to provide technical assistance for the preparation, financing and implementation of relevant projects, whether individual or in the context of specific investment programmes; v) to stimulate and encourage the development of capital markets; vi) to give support to sound and economically viable projects involving more than one recipient member country; vii) to promote in the full range of its activities environmentally sound and sustainable development; and viii) to undertake such other activities and provide such other services as may further these functions. 2. In carrying out the functions referred to in paragraph 1 of this Article, the Bank shall work in close cooperation with all its members and, in such manner as it may deem appropriate within the terms of this Agreement, with the International Monetary Fund, the International Bank for Reconstruction and Development, the International Finance Corporation, the Multilateral Investment Guarantee Agency, and the Organisation for Economic Co-operation and Development, and shall cooperate with the United Nations and its Specialized Agencies and other related bodies, and any entity, whether public or private, concerned with the economic development of, and investment in, Central and Eastern European countries. Article 3 Membership 1. Membership in the Bank shall be open: i) to (1) European countries and (2) non-European countries which are members of the International Monetary Fund; and ii) to the European Economic Community and the European Investment Bank. 2. Countries eligible for membership under paragraph 1 of this Article, which do not become members in accordance with Article 61 of this Agreement, may be admitted, under such terms and conditions as the Bank may determine, to membership in the Bank upon the affirmative vote of not less than two-thirds of the Governors, representing not less than three-fourths of the total voting power of the members. Chapter II Capital Article 4 Authorized capital stock 1. The original authorized capital stock shall be ten thousand million (10,000,000,000) ECU. It shall be divided into one million (1,000,000) shares, having a par value of ten thousand (10,000) ECU each, which shall be available for subscription only by members in accordance with the provisions of Article 5 of this Agreement. 2. The original capital stock shall be divided into paid-in shares and callable shares. The initial total aggregate par value of paid-in shares shall be three thousand million (3,000,000,000) ECU. 3. The authorized capital stock may be increased at such time and under such terms as may seem advisable, by a vote of not less than two-thirds of the Governors, representing not less than three-fourths of the total voting power of the members. Article 5 Subscription of shares 1. Each member shall subscribe to shares of the capital stock of the Bank, subject to fulfilment of the member’s legal requirements. Each subscription to the original authorized capital stock shall be for paid-in shares and callable shares in the proportion of three (3) to seven (7). The initial number of shares available to be subscribed to by Signatories to this Agreement which become members in accordance with Article 61 or this Agreement shall be that set forth in Annex A. No member shall have an initial subscription of less than one hundred (100) shares. 2. The initial number of shares to be subscribed to by countries which are admitted to membership in accordance with paragraph 2 of Article 3 of this Agreement shall be determined by the Board of Governors; provided, however, that no such subscription shall be authorized which would have the effect of reducing the percentage of capital stock held by countries which are members of the European Economic Community, together with the European Economic Community and the European Investment Bank, below the majority of the total subscribed capital stock. 3. The Board of Governors shall at intervals of not more than five (5) years review the capital stock of the Bank. In case of an increase in the authorized capital stock, each member shall have a reasonable opportunity to subscribe, under such uniform terms and conditions as the Board of Governors shall determine, to a proportion of the increase in stock equivalent to the proportion which its stock subscribed bears to the total subscribed capital stock immediately prior to such increase. No member shall be obliged subscribe to any part of an increase of capital stock. 4. Subject to the provisions of paragraph 3 of this Article, the Board of Governors, may, at the request of a member, increase the subscription of that member, or allocate shares to that member within the authorized capital stock which are not taken up by other members; provided, however, that such increase shall not have the effect of reducing the percentage of capital stock held by countries which are members of the European Economic Community, together with the European Economic Community and the European Investment Bank, below the majority of the total subscribed capital stock. 5. Shares of stock initially subscribed to by members shall be issued at par. Other shares shall be issued at par unless the Board of Governors, by a vote of not less than two-thirds of the Governors, representing not less than two-thirds of the total voting power of the members, decides to issue them in special circumstances on other terms. 6. Shares of stock shall not be pledged or encumbered in any manner whatsoever, and they shall not be transferable except to the Bank in accordance with Chapter VII of this Agreement. 7. The liability of the members on shares shall be limited to the unpaid portion of their issue price. No member shall be liable, by reason of its membership, for obligations of the Bank. Article 6 Payment of subscriptions 1. Payment of the paid-in shares of the amount initially subscribed to by each Signatory to this Agreement, which becomes a member in accordance with Article 61 of this Agreement, shall be made in five (5) instalments of twenty (20) per cent each of such amount. The first instalment shall be paid by each member within sixty (60) days after the date of entry into force of this Agreement, or after the date of deposit of its instrument of ratification, acceptance or approval in accordance with Article 61, if this latter is later than the date of entry into force. The remaining four (4) instalments shall each become due successively one year from the date on which the preceding instalment became due and shall each, subject to the legislative requirement of each member, be paid. 2. Fifty (50) per cent of payment of each instalment pursuant to paragraph 1 of this Article, or by a member admitted in accordance with paragraph 2 of Article 3 of this Agreement, may be made in promissory notes or other obligations issued by such member and denominated in ECU, in United States dollars or in Japanese yen, to be drawn down as the Bank needs funds for disbursement as a result of its operations. Such notes or obligations shall be non-negotiable, non-interest-bearing and payable to the Bank at par value upon demand. Demands upon such notes or obligations shall, over reasonable periods of time, be made so that the value of such demands in ECU at the time of demand from each member is proportional to the number of paid-in shares subscribed to and held by each such member depositing such notes of obligations. 3. All payment obligations of a member in respect of subscription to shares in the initial capital stock shall be settled either in ECU, in United States dollars or in Japanese yen on the basis of the average exchange rate of the relevant currency in terms of the ECU for the period from 30 September 1989 to 31 March 1990 inclusive. 4. Payment of the amount subscribed to the callable capital stock of the Bank shall be subject to call, taking account of Articles 17 and 42 of this Agreement, only as and when required by the Bank to meet its liabilities. 5. In the event of a call referred to in paragraph 4 of this Article, payment shall be made by the member in ECU, in United States dollars or in Japanese yen. Such calls shall be uniform in ECU value upon each callable share calculated at the time of the call. 6. The Bank shall determine the place for any payment under this Article not later than one month after the inaugural meeting of its Board of Governors, provided that, before such determination, the payment of the first instalment referred to in paragraph 1 of this Article shall be made to the European Investment Bank, as trustee for the Bank. 7. For subscriptions other than those described in paragraphs 1, 2 and 3 of this Article, payments by a member in respect of subscription to paid-in shares in the authorized capital stock shall be made in ECU, in United States dollars or in Japanese yen whether in cash or in promissory notes or in other obligations. 8. For the purpose of this Article, payment or denomination in ECU shall include payment or denomination in any fully convertible currency which is equivalent on the date of payment or encashment to the value of the relevant obligation in ECU. Article 7 Ordinary capital resources As used in this Agreement, the term “ordinary capital resources” of the Bank shall include the following: i) authorized capital stock of the Bank, including both paid-in and callable shares, subscribed to pursuant to Article 5 of this Agreement; ii) funds raised by borrowings of the Bank by virtue of powers conferred by sub paragraph (i) of Article 20 of this Agreement, to which the commitment to calls provided for in paragraph 4 of Article 6 of this Agreement is applicable; iii) funds received in repayment of loans or guarantees and proceeds from the disposal of equity investment made with the resources indicated in sub paragraphs (i) and (ii) of this Article; iv) income derived from loans and equity investment, made from the resources indicated in sub paragraphs (i) and (ii) of this Article, and income derived from guarantees and underwriting not forming part of the special operations of the Bank; and v) any other funds or income received by the Bank which do not form part of its Special Funds resources referred to in Article 19 of this Agreement. Chapter III Operations Article 8 Recipient countries and use of resources 1. The resources and facilities of the Bank shall be used exclusively to implement the purpose and carry out the functions set forth, respectively, in Articles 1 and 2 of this Agreement. 2. The Bank may conduct its operations in countries from Central and Eastern Europe which are proceeding steadily in the transition towards market-oriented economies and the promotion of private and entrepreneurial initiative, and which apply, by concrete steps and otherwise, the principles set forth in Article 1 of this Agreement. 3. In cases where a member might be implementing policies which are inconsistent with Article 1 of this Agreement, or in exceptional circumstances, the Board of Directors shall consider whether access by a member to Bank resources should be suspended or otherwise modified and may make recommendations accordingly to the Board of Governors. Any decision on these matters shall be taken by the Board of Governors by a majority of not less than two-thirds of the Governors, representing not less than three-fourths of the total voting power of the members. 4. i) Any potential recipient country may request that the Bank provide access to its resources for limited purposes over a period of three (3) years beginning after the entry into force of this Agreement. Any such request shall be attached as an integral part of this Agreement as soon as it is made. ii) During such a period: a) the Bank shall provide to such a country, and to enterprises in its territory, upon their request, technical assistance and other types of assistance directed to finance its private sector, to facilitate the transition of state-owned enterprises to private ownership and control, and to help enterprises operating competitively and moving to participation in the market-oriented economy, subject to the proportion set forth in paragraph 3 of Article 11 of this Agreement. b) the total amount of any assistance thus provided shall not exceed the total amount of cash disbursed and promissory notes issued by that country for its shares. iii) At the end of this period, the decision to allow such a country access beyond the limits specified in sub paragraphs (a) and (b) shall be taken by the Board of Governors by a majority of not less than three-fourths of the Governors representing not less than eighty-five (85) per cent of the total voting power of the members. Article 9 Ordinary and special operations The operations of the Bank shall consist of ordinary operations financed from the ordinary capital resources of the Bank referred to in Article 7 of this Agreement and special operations financed from the Special Funds resources referred to in Article 19 of this Agreement. The two types of operations may be combined. Article 10 Separation of operations 1. The ordinary capital resources and the Special Funds resources of the Bank shall at all times and in all respects be held, used, committed, invested or otherwise disposed of entirely separately from each other. The financial statements of the Bank shall show the reserves of the Bank, together with its ordinary operations and, separately, its special operations. 2. The ordinary capital resources of the Bank shall, under no circumstances, be charged with, or used to discharge, losses or liabilities arising out of special operations or other activities for which Special Funds resources were originally used or committed. 3. Expenses appertaining directly to ordinary operations shall be charged to the ordinary capital resources of the Bank. Expenses appertaining directly to the special operations shall be charged to Special Funds resources. Any other expenses shall, subject to paragraph 1 of Article 18 of this Agreement, be charged as the Bank shall determine. Article 11 Methods of operation 1. The Bank shall carry out its operations in furtherance of its purpose and functions as set out in Articles 1 and 2 of this Agreement in any or all of the following ways: i) by making or co-financing together with multilateral institutions, commercial banks or other interested sources, or participating in, loans to private sector enterprises, loans to any state-owned enterprise operating competitively and moving to participation in the market-oriented economy, and loans to any state-owned enterprise to facilitate its transition to private ownership and control; in particular, to facilitate or enhance the participation of private and/or foreign capital in such enterprises; ii) a) by investment in the equity capital of private sector enterprises; b) by investment in the equity capital of any state-owned enterprise operating competitively and moving to participation in the market-oriented economy, and investment in the equity capital of any state-owned enterprise to facilitate its transition to private ownership and control; in particular to facilitate or enhance the participation of private and/or foreign capital in such enterprises; and (c) by underwriting, where other means of financing are not appropriate, the equity issue of securities by both private sector enterprises and such state-owned enterprises referred to in (b) above for the ends mentioned in that sub paragraph; iii) by facilitating access to domestic and international capital markets by private sector enterprises or by other enterprises referred to in sub paragraph (i) of this paragraph for the ends mentioned in that sub paragraph, through the provision of guarantees, where other means of financing are not appropriate, and through financial advice and other forms of assistance; iv) by deploying Special Funds resources in accordance with the agreements determining their use; and v) by making or participating in loans and providing technical assistance for the reconstruction or development of infrastructure, including environmental programmes, necessary for private sector development and the transition to a market-oriented economy. For the purposes of this paragraph, a state-owned enterprise shall not be regarded as operating competitively unless it operated autonomously in a competitive market environment and unless it is subject to bankruptcy laws. 2. i) The Board of Directors shall review at least annually the Bank’s operations and lending strategy in each recipient country to ensure that the purpose and functions of the Bank, as set out in Articles 1 and 2 of this Agreement, are fully served. Any decision pursuant to such a review shall be taken by a majority of not less than two thirds of the Directors, representing not less than three-fourths of the total voting power of the members. ii) The said review shall involve the consideration of, inter alia, each recipient country’s progress made on decentralization, demonopolization and privatization and the relative shares of the Bank’s lending to private enterprises, to state-owned enterprises in the process of transition to participation in the market-oriented economy or privatization, for infrastructure, for technical assistance, and for other purposes. 3. i) Not more than forty (40) per cent of the amount of the Bank’s total committed loans, guarantees and equity investments, without prejudice to its other operations referred to in this Article, shall be provided to the state sector. Such percentage limit shall apply initially over a two (2) year period, from the date of commencement of the Bank’s operations, taking one year with another, and thereafter in respect of each subsequent financial year. ii) For any country, not more than forty (40) per cent of the amount of the Bank’s total committed loans, guarantees and equity investments over a period of five (5) years, taking one year with another, and without prejudice to the Bank’s other operations referred to in this Article, shall be provided to the state sector. iii) For the purposes of this paragraph, a) the state sector includes national and local Governments, their agencies, and enterprises owned or controlled by any of them; b) a loan or guarantee to, or equity investment in, a state-owned enterprise which is implementing a programme to achieve private ownership and control shall not be considered as made to the state sector; c) loans to a financial intermediary for onlending to the private sector shall not be considered as made to the state sector. Article 12 Limitations on ordinary operations 1. The total amount of outstanding loans, equity investments and guarantees made by the Bank on its ordinary operations shall not be increased at any time, if by such increase the total amount of its unimpaired subscribed capital, reserves and surpluses included in its ordinary capital resources would be exceeded. 2. The amount of any equity investment shall not normally exceed such percentage of the equity capital of the enterprise concerned as shall be determined, by a general rule, to be appropriate by the Board of Directors. The Bank shall not seek to obtain by such an investment a controlling interest in the enterprise concerned and shall not exercise such control or assume direct responsibility for managing any enterprise in which it has an investment, except in the event of actual or threatened default on any of its investments, actual or threatened insolvency of the enterprise in which such investment shall have been made, or other situations which, in the opinion of the Bank, threaten to jeopardize such investment, in which case the Bank may take such action and exercise such rights as it may deem necessary for the protection of its interests. 3. The amount of the Bank’s disbursed equity investments shall not at any time exceed an amount corresponding to its total unimpaired paid-in subscribed capital, surpluses and general reserve. 4. The Bank shall not issue guarantees for export credits nor undertake insurance activities. Article 13 Operating principles The Bank shall operate in accordance with the following principles: i) the Bank shall apply sound banking principles to all its operations; ii) the operations of the Bank shall provide for the financing of specific projects, whether individual or in the context of specific investment programmes, and for technical assistance, designed to fulfil its purpose and functions as set out in Articles 1 and 2 of this Agreement; iii) the Bank shall not finance any undertaking in the territory of a member if that member objects to such financing; iv) the Bank shall not allow a disproportionate amount of its resources to be used for the benefit of any member; v) the Bank shall seek to maintain reasonable diversification in all its investments; vi) before a loan, guarantee or equity investment is granted, the applicant shall have submitted an adequate proposal and the President of the Bank shall have presented to the Board of Directors a written report regarding the proposal, together with recommendations, on the basis of a staff study; vii) the Bank shall not undertake any financing, or provide any facilities, when the applicant is able to obtain sufficient financing or facilities elsewhere on terms and conditions that the Bank considers reasonable; viii) in providing or guaranteeing financing, the Bank shall pay due regard to the prospect that the borrower and its guarantor, if any, will be in a position to meet their obligations under the financing contract; ix) in case of a direct loan made by the Bank, the borrower shall be permitted by the Bank to draw its funds only to meet expenditure as it is actually incurred; x) the Bank shall seek to revolve its funds by selling its investments to private investors whenever it can appropriately do so on satisfactory terms; xi) in its investments in individual enterprises, the Bank shall undertake its financing on terms and conditions which it considers appropriate, taking into account the requirements of the enterprise, the risks being undertaken by the Bank, and the terms and conditions normally obtained by private investors for similar financing; xii) the Bank shall place no restriction upon the procurement of goods and services from any country from the proceeds of any loan, investment or other financing undertaken in the ordinary or special operations of the Bank, and shall, in all appropriate cases, make its loans and other operations conditional on international invitations to tender being arranged; and xiii) the Bank shall take the necessary measures to ensure that the proceeds of any loan made, guaranteed or participated in by the Bank, or any equity investment, are used only for the purposes for which the loan or the equity investment was granted and with due attention to considerations of economy and efficiency. Article 14 Terms and conditions for loans and guarantees 1. In the case of loans made, participated in, or guaranteed by the Bank, the contract shall establish the ter …