Schedule 3, Part 5 Amendment of Finance Act 1970

1

Section 54

After subsection (7D), insert-

"(7E) The Minister -

(a) may engage in such transactions of a normal banking nature with any person as he or she considers appropriate -

(i) in connection with the performance of his or her functions under the National Asset Management Agency Act 2009, and

(ii) for the purpose of the better management of any indebtedness incurred by the Minister under that Act,

and

(b) may for the purpose of those transactions issue such funds from the Exchequer as he or she considers appropriate.

The expenses and other costs incurred by the Minister in connection with or arising out of those transactions shall be charged on the Central Fund or the growing produce of that Fund.".