Oireachtas Joint and Select Committees
Tuesday, 1 July 2014
Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance
National Treasury Management Agency (Amendment) Bill 2014: Committee Stage
9:35 pm
Fergus O'Dowd (Louth, Fine Gael)
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I move amendment No. 49:
In page 46, between lines 30 and 31, to insert the following:
"Part 4
Item (1) | Provision affected (2) | Amendment (3) |
|---|---|---|
1 | Section 38(1) | Delete all of the words from “to securities” to the end of the subsection and substitute “to securities specified in the Table to section 37.”. |
2 | Section 172A(1)(a) | In subparagraph (i) of the definition of “relevant distribution”: |
| (a)insert the following clauses after clause (I): | ||
“(IA)the National Treasury Management Agency, | ||
(IB)a Fund investment vehicle (within the meaning of section 37of the National | ||
Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner,”; | ||
| (b)delete clause (II); | ||
| (c)delete clause (III). | ||
3 | Section 230 | Insert the following subsection after subsection (1): |
| “(1A)Notwithstanding any provision of the Corporation Tax Acts, profits arising to a Fund investment vehicle (within the meaning of section 37of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner shall be exempt from corporation tax.”. | ||
4 | Section 230A | Repeal. |
5 | Section 230AB | Repeal. |
6 | Section 246(3) | Insert the following paragraphs after paragraph (eb): |
| “(ec)interest paid to— | ||
| (i)the National Treasury Management Agency, | ||
| (ii)the State acting through the National Treasury Management Agency, or | ||
| (iii)a Fund investment vehicle (within the meaning of section 37of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner, | ||
| (ed)interest paid by a Fund investment vehicle (within the meaning of section 37of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner,”. | ||
7 | Section 256(1) | In paragraph (a) of the definition of “relevant deposit”: |
| (a)insert the following subparagraph after subparagraph (ii): | ||
“(iia)a Fund investment vehicle (within the meaning of section 37of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner,”; | ||
| (b)delete subparagraph (iiia); | ||
| (c)delete subparagraph (iiib); | ||
| (d)delete subparagraph (iiic). | ||
8 | Section 607(1) | Delete paragraph (fa). |
9 | Section 730D | In subsection (2): |
| (a) insert the following paragraphs after paragraph (c): | ||
“(ca)where the life policy is an asset held by the National Treasury Management Agency or the State acting through the National Treasury Management Agency, and the National Treasury Management Agency has made a declaration to that effect to the assurance company, or | ||
(cb)where the life policy is an asset held by a Fund investment vehicle (within the meaning of section 37of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner, and the National Treasury Management Agency has made a declaration to that effect to the assurance company.”; | ||
| (b)delete paragraph (d); | ||
| (c)delete paragraph (e). | ||
10 | Section 739D | In subsection (6): |
| (a)insert the following paragraph after paragraph (ka): | ||
“(kb)is the National Treasury Management Agency or a Fund investment vehicle (within the meaning of section 37of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner, or the State acting through the National Treasury Management Agency, and the National Treasury Management Agency has made a declaration to that effect to the investment undertaking, or”; | ||
| (b)delete paragraph (l). | ||
11 | Schedule 13 | Delete “139. National Development Finance Agency.”. |
12 | Schedule 15 | (a)Insert the following paragraph after paragraph 33: |
“33A.A Fund investment vehicle (within the | ||
meaning of section 37of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner.”. | ||
| (b)Delete paragraph 34. | ||
| (c)Delete paragraph 34A. | ||
| (d)Delete paragraph 34B. | ||
| (e)Delete paragraph 35. |
Part 5
Amendments of