Control of disbursements Upon receipt of a requisition in that behalf from the Minister, the Comptroller and Auditor General shall, if he is satisfied as to the correctness thereof, grant to the Minister, on the account of the Exchequer at the Central Bank or on the growing balance thereof, credits— that are to meet disbursements in respect of supply services and do not exceed the […]
Updated Governance The National Treasury Management Agency (Amendment) Act 2014 streamlines and simplifies the governance structures at the National Treasury Management Agency (NTMA) to enable a more integrated approach to the performance of its functions which have grown considerably since the Agency was established in 1990. The Agency will be reconstituted as a body with a Chairperson and other members who will have over-arching responsibility […]
ESM The European Stability Mechanism assumes the tasks of the European Financial Stability Facility and the European Financial Stabilisation Mechanism to provide financial assistance to Euro Area Member States. It follows the decision of the heads of government on July 2011 to increase the flexibility of the ESM. The European Stability Mechanism Act 2012 provides for participation by Ireland in the permanent stability mechanism to […]
Establishment On 9 May 2010, a comprehensive package of measures was decided including Council regulation establishing the European Financial Stabilisation Mechanism based on the Treaty on the functioning of the European Union and the European Financial Stability Facility in order to finance and support Euro Area Member States in difficulties caused by exceptional circumstances beyond their control. It was envisaged that the support would be […]
Introduction The purpose of the The National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020is to amend the National Oil Reserves Agency Act 2007 (as amended) to provide for the establishment of the Climate Action Fund on a statutory basis, extend the purposes for which the levy on relevant disposals of petroleum products is paid to include providing funding to the […]
Purpose of the Act The purpose of the National Surplus (Reserve Fund for Exceptional Contingencies) Act 2018 is to provide the legislative basis for establishment of a new Fund, the National Surplus (Exceptional Contingencies) Reserve Fund. The Fund is intended to be a reserve into which sums will be transferred from the assets of the Ireland Strategic Investment Fund, and from the Exchequer. The Fund […]
General The purpose of the Fiscal Responsibility Act 2012 is to make provision for securing that the rules in Article 3 of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union take effect in the law of the State in accordance with paragraph 2 of that Article and that the rule in Article 4 of that Treaty takes effect in the […]
Statutory Purpose of NAMA The purpose of NAMA is to address the serious threat to the economy, to secure the stability of credit institutions and to deal with the need for the maintenance and stabilisation of the financial system in the State. In doing this, its further purposes are to address the compelling need:- to resolve the financial crises and achieve a recovery in the […]
The Fiscal Compact. The Fiscal Compact also known as the Treaty on Stability, Coordination and Governance in the EMU came into force on 1st January 2013. It binds only the EU states which have ratified it on that date and later binds States which ratify it afterwards. The Treaty applies both to states which are members of the euro zone, or it may apply on […]
Annual Process In [ June] of the preceding year, the Minister for Finance prepares the budgetary strategy memorandum for the government setting out the Department of Finance’s medium-term assessment of budgetary and economic matters. It reviews the current year and compares projections of revenue and expenditure in maintaining public services for each of the three subsequent years. The government approves targets for the main budgetary […]
Overview The estimates are prepared in each financial year. The process is still largely annual although certain elements of capital expenditure operate on a multi-annual basis.They must be prepared and presented to Dáil Éireann. This is done by the annual presentation of the White Paper on receipts and expenditures usually the week before the budget. Article 17 provides that the Dáil shall consider estimates as […]