Finance Act 2011
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Capital Services Redemption Account. |
82.— (1) In this section— | |
“capital services” has the same meaning as it has in the principal section; | ||
“Capital Services Redemption Account” has the same meaning as it has in the principal section; | ||
“fifty-eighth additional annuity” means the sum charged on the Central Fund under subsection (3); | ||
“principal section” means section 22 of the Finance Act 1950 . | ||
(2) In relation to the 29 successive financial years commencing with the financial year ending on 31 December 2011, subsection (3) of section 162 of the Finance Act 2010 shall have effect with the substitution of “€272,104,407” for “€275,622,930”. | ||
(3) A sum of €141,616,974 to redeem borrowings in respect of capital services and interest on such borrowings shall be charged annually on the Central Fund or the growing produce of that Fund in the 30 successive financial years commencing with the financial year ending on 31 December 2011. | ||
(4) The fifty-eighth additional annuity shall be paid into the Capital Services Redemption Account in such manner and at such times in the relevant financial year as the Minister for Finance may determine. | ||
(5) Any amount of the fifty-eighth additional annuity, not exceeding €108,850,000 in any financial year, may be applied toward defraying the interest on the public debt. | ||
(6) The balance of the fifty-eighth additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section. |