Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024
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Payments from ICN Fund to Exchequer where deterioration in economic or fiscal position of State | ||
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19. (1) Subject to subsections (2) and (3), the Minister may, in 2025 or any year thereafter, make a proposal to the Government that a specified amount of not greater than 25 per cent of the net asset value of the ICN Fund as it stood on 31 December of the year prior to the making of the proposal be paid from the ICN Fund to the Exchequer, for the purpose specified in section 14 (2)(a), in the year subsequent to the making of the proposal. | ||
(2) The Minister shall not make a proposal under subsection (1) in any of the years 2025 to 2029 unless— | ||
(a) Dáil Éireann has passed a resolution under section 18 (2) in that year, and | ||
(b) having carried out an assessment in accordance with section 26 (1), he or she is of the opinion that the deterioration, or likely deterioration, in the economic or fiscal position of the State is of such significance that it would be appropriate to make a payment, for the purpose specified in section 14 (2)(a), from the ICN Fund to the Exchequer in the subsequent year. | ||
(3) The Minister shall not make a proposal under subsection (1) in 2030 or in any year thereafter unless, having carried out an assessment in accordance with section 26 (1), he or she is of the opinion— | ||
(a) that there has been, or is likely to be in the subsequent year, a deterioration in the economic or fiscal position of the State, and | ||
(b) the deterioration, or likely deterioration, is of such significance that it would be appropriate to make a payment, for the purpose specified in section 14 (2)(a), from the ICN Fund to the Exchequer in the subsequent year. | ||
(4) The Minister shall consult with the Minister for Public Expenditure, National Development Plan Delivery and Reform in determining whether to make a proposal under subsection (1), and where he or she makes such a proposal, in determining the amount that he or she proposes be paid under that subsection. | ||
(5) Where the Government approve a proposal made to them under subsection (1), the Minister shall direct the Agency to pay, from the ICN 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. | ||
(6) Subject to section 22 , the Agency shall comply with a direction under subsection (5). |