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Version status: Repealed | Document consolidation status: Updated to reflect all known changes
Version date: 30 July 2024 - onwards
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47A. Transfer of assets (including money) from Fund to meet exceptional contingencies.

Repealed from 30 July 2024

(1) This Part shall not operate to prevent the Minister from causing, by the means provided in subsection (2), the transfer of assets, including money, from the Fund, in accordance with an Act of the Oireachtas, to another fund referred to in that subsection.

(2) The Minister may give a direction to the Agency to transfer assets, including money, of a specified value or amount from the Fund to a fund which may be drawn down to the Exchequer in order to:

(a) remedy or mitigate the occurrence in the State of exceptional circumstances within the meaning of section 1 of the Fiscal Responsibility Act 2012;

(b) prevent potential serious damage to the financial system in the State and ensure the continued stability of that system; or

(c) support major structural reforms which have direct long-term positive budgetary effects within the meaning of Article 5 of Council Regulation (EC) No. 1466 of 1997 [OJ No.L 209, 2.8.1997, p.1] as amended by Regulation (EU) No. 1175 of 2011 [OJ No.L 306,

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