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Reporting in relation to demands under Guarantee Agreement
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16. (1) This section applies in the event of a demand, under the Guarantee Agreement, being made of the State to make a payment in accordance with the terms of that Agreement and a reference in any subsequent subsection of this section to a demand being made under the Guarantee Agreement is a reference to such a demand being made of the State.
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(2) On the first occasion of a demand being made under the Guarantee Agreement (in this section referred to as the “first demand”), the Minister shall cause to be laid before Dáil Éireann—
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(a) within one month from that occasion, a statement as provided under subsection (3)(a), and
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(b) within one month from each anniversary of that occasion, a further statement as provided under subsection (3)(b).
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(3) A statement under subsection (2) shall—
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(a) in the case of the statement referred to in paragraph (a) of subsection (2), specify—
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(i) the sum the subject of the first demand (and, if such sum has been paid by the State by the time of the statement’s preparation, the sum paid by the State on foot of that demand pursuant to the Guarantee Agreement), and
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(ii) any sums repaid to the State in accordance with the Guarantee Agreement during the period preceding the statement’s preparation,
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and
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(b) in the case of a statement referred to in paragraph (b) of subsection (2), specify—
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(i) any sum paid by the State on foot of the first demand pursuant to the Guarantee Agreement, and
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(ii) any sums repaid to the State in accordance with the Guarantee Agreement,
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during the period beginning on the preparation of the statement referred to in subsection (2)(a) and ending on the preparation of the statement referred to in subsection (2)(b) or, in the case of the second or any subsequent statement referred to in subsection (2)(b), during the period of 12 months immediately preceding the preparation of the particular such statement.
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(4) (a) On the second or any subsequent occasion of a demand being made under the Guarantee Agreement, the Minister shall cause to be laid before Dáil Éireann, within one month from the occasion of that second or subsequent demand, a statement specifying the sum the subject of that second or subsequent demand.
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(b) The laying of any statement under paragraph (a) shall not relieve the obligation of the Minister to lay any statement required to be laid by subsection (2) (and any latter statement shall, in addition to the matters specified in subsection (3), specify the sum, if any, paid by the State, on foot of the second or subsequent demand, pursuant to the Guarantee Agreement during the period to which that latter statement relates).
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(5) This section shall cease to apply on the date the State is released from its obligations under the Guarantee Agreement or when all sums paid by the State under the Guarantee Agreement are repaid to the State in accordance with that Agreement’s terms.
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