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Directions to make certain investment, etc.
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42. (1) The Minister has the functions provided for under subsection (2) where, following consultation with the Central Bank, the Minister is of the opinion that the performance of the functions so provided is necessary, in the public interest, for either or both of the following purposes:
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(a) to remedy a serious disturbance in the economy of the State;
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(b) to prevent potential serious damage to the financial system in the State and ensure the continued stability of that system.
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(2) For either or both of the purposes mentioned in subsection (1), the Minister may give a direction to the Agency—
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(a) to invest assets of the Fund in specified securities of a credit institution, or
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(b) to underwrite or otherwise support the issue of any kind of securities of a credit institution, and such direction may specify terms or conditions on, or subject to, which the thing concerned is to be done.
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(3) The terms and conditions that the Minister may specify in a direction under subsection (2) may include terms or conditions requiring the Agency to impose specified terms or conditions in relation to the investment or underwriting or on the credit institution in which the investment is to be made or of which the securities are to be issued.
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(4) The Agency shall comply with a direction under subsection (2) and may do so either directly or through a Fund investment vehicle.
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