Land Development Agency Act 2021

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Amendment of National Treasury Management Agency (Amendment) Act 2014

30. The National Treasury Management Agency (Amendment) Act 2014 is amended—

(a) in section 37, in the definition of “directed investment”, by the substitution of the following paragraph for paragraph (a):

“(a) an investment made by the Agency pursuant to a direction under section 42, 42A, 42B or 47(4)(b) or the proceeds held by the Agency pursuant to a direction under section 47(4)(c);”,

and

(b) by the insertion of the following section after section 42A—

“Funding of the Land Development Agency

42B. (1) Notwithstanding any other provision of this Act, the Minister may, on the request of the Minister for Housing, Local Government and Heritage, made where that Minister of the Government is satisfied that it is necessary or expedient for the achievement of the purposes of the Land Development Agency Act 2021, direct the Agency to—

(a) lend money to the Land Development Agency or any subsidiary DAC out of the assets of the Fund on the commercial terms and conditions specified in the direction,

(b) exercise, on the terms and conditions specified in the direction, any rights attaching to a loan made under paragraph (a),

(c) terminate or dispose of, on the terms and conditions specified in the direction, a loan made under paragraph (a), or

(d) pay money to the Land Development Agency or any subsidiary DAC out of the assets of the Fund for the purposes of discharging the liability of the Minister in respect of the shares allotted and issued to the Minister for Housing, Local Government and Heritage and the Minister for Public Expenditure and Reform under section 25 of the Land Development Agency Act 2021.

(2) A request from the Minister for Housing, Local Government and Heritage under subsection (1) shall include a recommendation regarding the terms and conditions to be specified in a direction under subsection (1).

(3) The total amount—

(a) loaned under subsection (1)(a), and

(b) paid under subsection (1)(d),

shall not at any time exceed €1,250,000,000.

(4) For the purpose of calculating the amount referred to in subsection (3), the equivalent in the currency of the State of amounts loaned or paid in a currency other than the currency of the State shall be calculated at the rate of exchange prevailing at the time the calculation is made.

(5) For the purposes of subsection (4), where the European Central Bank has published—

(a) a Euro Foreign Exchange Reference Rate, or

(b) a rate expressed by the European Central Bank to replace that rate,

which is applicable to the currency concerned and the time the calculation concerned is made, that rate shall be taken to be the rate of exchange prevailing at that time for that currency.

(6) Interest on any borrowings, liabilities and obligations of the Land Development Agency and of subsidiary DACs shall not be taken into account in calculating the value of the amount referred to in subsection (3).

(7) The Agency shall comply with a direction given under subsection (1).

(8) In this section ‘subsidiary DAC’ has the same meaning as it has in the Land Development Agency Act 2021.”.