(1) In each of the years 2026 to 2030, the Minister for Public Expenditure, National Development Plan Delivery and Reform shall, not later than 31 July of that year -

(a) provide a report to the Government specifying the total State expenditure on designated environmental projects that is estimated to be incurred from 1 January to 31 December of that year, and

(b) where he or she proposes that a payment be made from the ICN Fund to the Exchequer in that year for the purpose specified in section 14(2)(b), make a proposal to the Government specifying the amount that, subject to subsection (3), he or she considers would be appropriate to be so paid.

(2) In specifying an amount pursuant to subsection (1)(b), the Minister for Public Expenditure, National Development Plan Delivery and Reform shall -

(a) consult with the Minister, and

(b) have regard to the level of State expenditure referred to in subsection (1)(a) in respect of the year concerned.

(3) The Minister for Public Expenditure, National Development Plan Delivery and Reform shall not, in any given year, specify an amount pursuant to subsection (1)(b) -

(a) that would exceed 22.5 per cent of the net asset value of the ICN Fund as it stood on 31 December of the year prior to the proposal, or