Finance Act, 2002

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Transfer of income to Exchequer from issue of coin.

137.—The Economic and Monetary Union Act, 1998 , is amended by inserting the following after section 14:

“14A.—(1) The Central Bank of Ireland shall—

(a) from time to time as directed by the Minister, pay into the Exchequer from the general fund of the Central Bank of Ireland an amount representing, in whole or in part, the accrued public moneys arising from the issue of coin, and

(b) debit the currency reserve by the amount.

(2) Amounts to be paid into the Exchequer under this section shall be calculated in a manner determined by the Minister after consultation with the Central Bank of Ireland.

(3) In this section ‘accrued public moneys arising from the issue of coin’ means—

(a) the accrued amount of the proceeds of the issue of coin paid into the general fund of the Central Bank of Ireland and carried in it to the credit of the currency reserve under—

(i) section 60 (1) of the Central Bank Act, 1942 ,

(ii) section 9 of the Coinage Act, 1950 ,

(iii) section 7 of the Decimal Currency Act, 1969 , and

(iv) sections 14 and 33(2),

(b) the accrued amount carried to the credit of the currency reserve under—

(i) section 14 of the Coinage Act, 1950 , and

(ii) section 13 of the Decimal Currency Act, 1969 ,

and

(c) the amount carried to the credit of the currency reserve under section 60 (3) of the Central Bank Act, 1942 ,

less—

(I) the accrued amount of sums defrayed out of the general fund of the Central Bank of Ireland and debited in it to the currency reserve under—

(A) section 60 (2) of the Central Bank Act, 1942 ,

(B) sections 8 and 13 of the Coinage Act, 1950 ,

(C) sections 6 and 11 of the Decimal Currency Act, 1969 , and

(D) sections 13 and 33(1),

(II) the accrued amount of sums debited from the currency reserve and carried to the credit of the superannuation reserve, and

(III) any sums previously paid into the Exchequer by virtue of this section.

(4) If the amount standing to the credit of the currency reserve in respect of the accrued public moneys arising from the issue of coin is, at any time, less than—

(a) the sum which stands to be defrayed out of the general fund of the Central Bank of Ireland and debited in it to the currency reserve in respect of the provision of coins under—

(i) section 13 or 33(1), or

(ii) section 6 of the Decimal Currency Act, 1969 ,

or

(b) the sum which stands to be defrayed from the general fund of the Central Bank of Ireland and debited in it to the currency reserve in respect of the redemption of coins under section 11 of the Decimal Currency Act, 1969 ,

then the Minister shall advance to the general fund of the Central Bank of Ireland from the Central Fund or the growing produce thereof an amount at least equal to the amount which stands to be defrayed from the general fund of the Central Bank of Ireland less the amount standing to the credit of the currency reserve in respect of the accrued public moneys arising from the issue of coin and the Central Bank of Ireland shall credit the currency reserve by this amount.”.