Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024
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Assessment by Minister as to whether there has been a deterioration in economic or fiscal position of State | ||
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26. (1) The Minister shall, in each year in which he or she receives a report from the Fiscal Council under section 25 (1), as soon as may be thereafter, prepare a report in writing detailing his or her assessment as to whether, in his or her opinion, there has been, or is likely to be in the subsequent year, a deterioration in the economic or fiscal position of the State. | ||
(2) Where the Minister, 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 Minister shall include in his or her report under that subsection, his or her assessment— | ||
(a) as to the significance, or the likely significance, of that deterioration or likely deterioration, | ||
(b) in each of the years 2024 to 2034, as to whether— | ||
(i) in the year subsequent to the year in which the assessment is carried out, 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 assessment is carried out, 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, as to whether, the deterioration, or likely deterioration, is of such significance that, in the year subsequent to the year in which the assessment is carried out, it would not be appropriate to make any payment into the ICN Fund from the Central Fund or the growing produce thereof, and | ||
(d) as to whether the deterioration, or likely deterioration, is of such significance that, in the year subsequent to the year in which the assessment is carried out, 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 Minister shall, in preparing a report under this section, have regard to— | ||
(a) the report received from the Fiscal Council under section 25 (1) in the year in which he or she is preparing the report, | ||
(b) the level or likely level of the matters specified in subparagraphs (i) to (iv) of section 25 (3)(a) in relation to such years as the Minister considers appropriate, and | ||
(c) such other matters as the Minister considers appropriate. | ||
(4) The Minister shall, in each year in which he or she receives a report from the Fiscal Council under section 25 (1), publish, on a website maintained by or on behalf of the Minister, a copy of— | ||
(a) the report of the Fiscal Council, and | ||
(b) his or her report under this section. |