Section 37 of the National Treasury Management Agency (Amendment) Act 2014 is amended, in the definition of "directed investment" -

(a) in paragraph (b), by substituting "a direction," for "a direction, or", and

(b) by substituting for paragraph (c) the following:

"(c) a shareholding or other interest in a credit institution transferred into the Fund under section 46(3), or

(d) an investment made by the National Pensions Reserve Fund Commission pursuant to a direction under section 19A, 19AA or 19B of the National Pensions Reserve Fund Act 2000 before the Fund constitution date (within the meaning of Schedule 4);".