Finance Act, 1950

Capital Services Redemption Account.

22.—(1) In this section—

the expression “the Minister” means the Minister for Finance;

the expression “the Account” means the Capital Services Redemption Account established pursuant to subsection (2) of this section;

the expression “the annuity” means the sum charged on the Central Fund under subsection (3) of this section;

the expression “capital services” means voted services which are to be met out of borrowings.

(2) There shall be established an account under the control of the Minister to be known as the Capital Services Redemption Account.

(3) A sum of £655,432 to redeem borrowings, and interest thereon, in respect of capital services shall be charged annually on the Central Fund or the growing produce thereof in the thirty successive financial years commencing with the financial year ending on the 31st day of March, 1951.

(4) The annuity shall be paid into the Account in equal half-yearly instalments.

(5) Any amount of the annuity, not exceeding £423,979 in any financial year, may be applied towards defraying the interest on the public debt.

(6) The balance of the annuity shall be applied in any one or more of the following ways:

(a) application towards the purchase of government stock for cancellation,

(b) repayment of ways and means advances or other temporary borrowings of the Exchequer,

(c) payment into the Principal Reserve Account of the Savings Certificates Reserve Fund,

(d) application in any other way towards meeting the principal liability in respect of the public debt,

(e) investment in government securities or in any other manner in which moneys of the Post Office Savings Bank may be invested.

(7) Investments held for the Account may be sold or otherwise disposed of and the net proceeds of the sale or disposal shall be applied in any one or more of the ways specified in subsection (6) of this section.

(8) Income arising from any investment held for the Account shall be applied in any one or more of the ways specified in subsection (6) of this section.

(9) As soon as may be after each financial year, an account of the Account in respect of that year shall be prepared and shall be audited by the Comptroller and Auditor General and laid by the Minister before each House of the Oireachtas.