Central Bank (National Claims Information Database) Act 2018
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Expenses of Bank | ||
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11. (1) The Bank shall not provide any funds from its own resources, other than from those resources provided to it under subsections (2) and (3), to defray expenses of the Bank incurred by it in the performance of the function under section 8 (in subsections (2) and (3) referred to as “expenses of the Bank associated with its function under section 8 ”). | ||
(2) The Central Bank Commission shall make regulations under section 32D of the Act of 1942 prescribing levies (in subsection (3) referred to as the “dedicated levies”) to be paid by insurance undertakings, and the monies received by the Bank by way of such levies shall be used by it to defray expenses of the Bank associated with its function under section 8 . | ||
(3) Where— | ||
(a) in any year, the Bank reasonably apprehends that it will be unable to defray all of the expenses of the Bank, arising in that year, associated with its function under section 8 from monies received by it by way of the dedicated levies, or | ||
(b) notwithstanding the existence of the dedicated levies and, apart from the circumstance referred to in paragraph (a), for any reason there is an insufficiency in any year of monies available to the Bank to defray all of its expenses, arising in that year, associated with the foregoing function, | ||
the Minister shall, on the written request of the Bank, advance to the Bank such sums as he or she thinks proper to enable the Bank to defray all of its expenses, arising in that year, associated with the foregoing function. | ||
(4) The payments of sums referred to in subsection (3) shall be made on such terms as to repayment, interest and other matters as may be determined by the Minister after consulting the Bank. | ||
(5) All monies from time to time required by the Minister to meet sums which may become payable by him or her under this section shall be advanced out of the Central Fund or the growing produce thereof. |