Strategic Banking Corporation of Ireland Act 2014

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Number 22 of 2014


STRATEGIC BANKING CORPORATION OF IRELAND ACT 2014


CONTENTS

PART 1

Preliminary and General

Section

1. Short title and commencement

2. Purposes of Act

3. Definitions

4. Expenses

PART 2

Establishment of SBCI

5. Formation of Strategic Banking Corporation of Ireland

6. Formation of group entities

7. Memorandum and articles of association of SBCI

8. Functions of SBCI

9. Board of SBCI

10. SBCI’s relationship with NTMA

PART 3

Funding of SBCI

11. Share capital of SBCI

12. Alienation of shares by Minister

13. Borrowings by SBCI

14. Amendment of section 54 of Finance Act 1970 and First Schedule to National Treasury Management Agency Act 1990

15. Directions by Minister to National Pensions Reserve Fund Commission

16. Maximum amount of State funding to SBCI

17. Payment of dividends

PART 4

Ministerial Guarantees

18. Minister may issue guarantees

PART 5

Procedures for Ensuring Public Accountability

19. Audit of accounts by Comptroller and Auditor General

20. Accountability to Committee of Public Accounts

PART 6

Miscellaneous

21. Certain persons not to be shadow directors

22. Disapplication of certain sections of Companies Acts

PART 7

Tax Exemptions

23. Tax exemptions


Acts Referred to

Central Bank Act 1971 (No. 24)

Companies (Amendment) Act 1983 (No. 13)

Companies Act 1963 (No. 33)

Companies Act 1990 (No. 33)

Companies Acts

Comptroller and Auditor General (Amendment) Act 1993 (No. 8)

Corporation Tax Acts

Credit Institutions (Stabilisation) Act 2010 (No. 36)

Finance Act 1970 (No. 14)

Finance Act 2003 (No. 3)

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009 (No. 7)

Irish Bank Resolution Corporation Act 2013 (No. 2)

National Asset Management Agency Act 2009 (No. 34)

National Pensions Reserve Fund Act 2000 (No. 33)

National Treasury Management Agency Act 1990 (No. 18)

Stamp Duties Consolidation Act 1999 (No. 31)

Taxes Consolidation Act 1997 (No. 39)

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Number 22 of 2014


STRATEGIC BANKING CORPORATION OF IRELAND ACT 2014


An Act to provide for the formation of a company to be known as the Strategic Banking Corporation of Ireland to facilitate availing by it of national and international sources of funding for the purposes of making credit available to enterprises and to other persons in the State through the provision of credit to providers of credit to enterprises and other persons; to allow the Minister for Finance to guarantee borrowings of and provide funding to that company, to amend section 54 of the Finance Act 1970 , the First Schedule to the National Treasury Management Agency Act 1990 , the Taxes Consolidation Act 1997 , the Stamp Duties Consolidation Act 1999 and the National Pensions Reserve Fund Act 2000 , and to provide for connected matters.

[26 th July, 2014]

Be it enacted by the Oireachtas as follows: