Finance Act, 1994

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Establishment of Small Savings Reserve Fund.

160.—(1) In this section—

“the Fund” means the Small Savings Reserve Fund established by subsection (2);

“the Minister” means the Minister for Finance;

“small savings” means savings certificates (being savings to which section 30 of the Finance Act, 1940 , relates), national instalment savings (being savings to which section 53 of the Finance Act, 1970 , relates) and savings bonds (being savings to which section 54 of the Finance Act, 1970 , relates).

(2) There is hereby established a fund, to be known as the Small Savings Reserve Fund, which shall be under the control of the Minister.

(3) The Minister shall pay into the Fund in the year 1994, the sum of £60,000,000, and in each year thereafter such sums, if any, as the Minister may decide.

(4) Where in any calendar year interest payments on encashments of small savings exceed 11 per cent. of the total interest accrued on such savings at the end of the immediately preceding calendar year, the resources of the Fund may be applied towards meeting so much of those interest payments which, as a percentage of the said total interest accrued, exceed 11 per cent.

(5) The resources of the Fund shall be made available, without payment of interest, to the Exchequer by way of repayable ways and means advances.

(6) Accounts prepared under section 12 of the National Treasury Management Agency Act, 1990 , shall include an account of payments into and out of the Fund and a statement of the resources in the Fund—

(a) on the 1st day of January of the calendar year in which the financial year of the said accounts commences, and

(b) on the 31st day of December in that calendar year.

(7) The functions of the Minister referred to in the First Schedule to the National Treasury Management Agency Act, 1990 , for the purposes of section 5 of that Act shall be construed as if there were included in that Schedule for those purposes a reference to the functions of the Minister under this section.