Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024
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Assessment by Fiscal Council as to whether there has been a deterioration in economic or fiscal position of State | ||
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25. (1) The Fiscal Council shall, not later than 30 September in— | ||
(a) each of the years 2024 to 2034, and | ||
(b) each year thereafter (if any) in which there remains any assets standing to the credit of the ICN Fund, | ||
provide a report in writing to the Minister detailing its assessment as to whether, in its opinion, there has been, or is likely to be in the year subsequent to the year in which the report is provided, a deterioration in the economic or fiscal position of the State. | ||
(2) Where the Fiscal Council, in carrying out an assessment for the purposes of subsection (1), is of the opinion that there has been, or is likely to be in the subsequent year, a deterioration in the economic or fiscal position of the State, the Fiscal Council shall include in its report under that subsection— | ||
(a) its assessment as to the significance, or likely significance, of that deterioration or likely deterioration, | ||
(b) in each of the years 2024 to 2034, its recommendations as to whether— | ||
(i) in the year subsequent to the year in which the report is provided, it would be appropriate for the payments into the FI Fund from the Central Fund or the growing produce thereof to be reduced to a sum equivalent to 0.4 per cent of relevant GDP in relation to that subsequent year, | ||
(ii) the deterioration, or likely deterioration, is of such significance that, in the year subsequent to the year in which the report is provided, it would not be appropriate to make any payment into the FI Fund from the Central Fund or the growing produce thereof, | ||
(c) in each of the years 2024 to 2029, its recommendations as to whether the deterioration, or likely deterioration, is of such significance that, in the year subsequent to the year in which the report is provided, it would not be appropriate to make any payment into the ICN Fund from the Central Fund or the growing produce thereof, and | ||
(d) its recommendations as to whether the deterioration, or likely deterioration, is of such significance that, in the year subsequent to the year in which the report is provided, it would be appropriate to make a payment from the ICN Fund to the Exchequer for the purpose specified in section 14 (2)(a). | ||
(3) The Fiscal Council shall, in preparing a report under this section, have regard to— | ||
(a) the level, or likely level, of the following in relation to such years as the Fiscal Council considers appropriate: | ||
(i) the general government deficit or the general government surplus; | ||
(ii) corporation tax receipts; | ||
(iii) gross domestic product; | ||
(iv) employment and unemployment, | ||
and | ||
(b) such other matters as the Fiscal Council considers appropriate. |