Fergus O'Dowd (Louth, Fine Gael) | Oireachtas source

I move amendment No. 24:

In page 30, after line 39, to insert the following:"(5) The power of the Minister under subsection (4) may be exercised by the Agency.".

This technical amendment to section 30 deals with the functions of the NDFA, which provides financial advice to State bodies undertaking major public investment projects with a capital value of more than €20 million. It is obvious that the costs and expenses incurred have to be met from somewhere. The legislation provides that the NDFA can use the post office savings bank fund to that end. The NDFA then bills the State authorities to which it provides financial advice or services, and those payments are paid back into the post office savings bank fund. The Bill, as published, provides for this sequence and states that "the Minister may .... advance moneys from the Post Office Savings Bank Fund to the Agency". However, the NTMA itself then needs to be authorised to act on the post office savings bank fund for this purpose. This amendment will allow the Minister to delegate to the NTMA the powers to use this fund. I should add that the post office savings bank fund is a fund managed by the NTMA under delegation from the Minister for Finance. It holds funds raised from retail savers through deposits in the post office savings bank, which form part of the national debt. The structure for using the fund reflects the structure used generally in the National Treasury Management Agency Act 1990, whereby powers are given to the Minister and then delegated to the agency.