Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024
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Payments from FI Fund to Exchequer | ||
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11. (1) The Minister shall not direct the Agency to make any payment before 2041 to the Exchequer from the FI Fund. | ||
(2) Subject to subsections (3) and (4), the Minister may, in 2040 or in any year thereafter, make a proposal to the Government that a payment of a specified amount be made from the FI Fund to the Exchequer in the year subsequent to the year in which the proposal is made. | ||
(3) Subject to subsection (4), the Minister shall not, in a given year, propose to the Government, pursuant to subsection (2), the making of a payment from the FI Fund to the Exchequer in the subsequent year of an amount— | ||
(a) greater than 3 per cent of the net asset value of the FI Fund as it stood on 31 December of the year prior to the first-mentioned year, or | ||
(b) that would cause the net asset value of the FI Fund as it stood on that date to fall below the value of the FI Fund capital as it so stood. | ||
(4) Where, in a given year, the Minister is satisfied that the investment return from the FI Fund annualised over the relevant ten-year period in relation to the year was less than the interest cost of the general government debt annualised over that period— | ||
(a) subsection (3) shall not apply, and | ||
(b) the Minister shall not propose to the Government, pursuant to subsection (2), the making of a payment from the FI Fund to the Exchequer in the subsequent year of an amount greater than 5 per cent of the net asset value of the FI Fund as it stood on 31 December of the year prior to the first-mentioned year. | ||
(5) The Minister, in determining whether to make a proposal under subsection (2), and where he or she makes such a proposal, in determining the amount that he or she proposes be paid under that subsection, shall— | ||
(a) consult with the Minister for Public Expenditure, National Development Plan Delivery and Reform, and | ||
(b) have regard to— | ||
(i) the report of the Agency under section 10 prepared in the year in which he or she makes the proposal, and | ||
(ii) the matters specified in paragraphs (a) to (c) of section 10 (2). | ||
(6) Where subsection (3) applies in respect of a proposal under subsection (2) and the Government approve the proposal, the Minister shall direct the Agency to pay, from the FI Fund to the Exchequer, the amount specified in the decision of the Government on or before 31 December of the year subsequent to the year in which the proposal is made. | ||
(7) Where subsection (4) applies in respect of a proposal under subsection (2) and the Government approve the proposal, D il ireann may, on a proposal by the Minister, pass a resolution approving the payment, from the FI Fund to the Exchequer, of the amount specified in the resolution on or before 31 December of the year subsequent to the year in which the resolution is passed. | ||
(8) Where D il ireann passes a resolution under subsection (7), the Minister shall direct the Agency to pay, from the FI Fund to the Exchequer, the amount specified in the resolution on or before 31 December of the year subsequent to the year in which the resolution is passed. | ||
(9) Subject to section 12 , the Agency shall comply with a direction under subsection (6) or (8). |