S.I. No. 65/1991 - European Bank For Reconstruction and Development (Designation and Immunities) Order, 1991.

1. Within the scope of its official activities the Bank, its assets, property, and income shall be exempt from all direct taxes.

2. When purchase or services of substantial value and necessary for the exercise of the official activities of the Bank are made or used by the Bank and when the price of such purchases or services include taxes or duties, the member that has levied the taxes or duties shall, if they are identifiable, take appropriate measures to grant exemption from such taxes or duties or to provide for their reimbursement.

3. Goods imported by the Bank and necessary for the exercise of its official activities shall be exempt from all import duties and taxes, and from all import prohibitions and restrictions. Similarly goods exported by the Bank and necessary for the exercise of its official activities shall be exempt from all export duties and taxes, and from all export prohibitions and restrictions.

4. Goods acquired or imported and exempted under this Article shall not be sold, hired out, lent or given away against payment or free of charge, except in accordance with conditions laid down by the members which have granted exemptions or reimbursements.

5. The provisions of this Article shall not apply to taxes or duties which are no more than charges for public utility services.

6. Directors, Alternate Directors, officers and employees of the Bank shall be subject to an internal effective tax for the benefit of the Bank on salaries and emoluments paid by the Bank, subject to conditions to be laid down and rules to beopted by the Board of Governors within a period of one year from the date of entry into force of this Agreement. From the date on which this tax is applied, such salaries and emoluments shall be exempt from national income tax. The members may, however, take into account the salaries and emoluments thus exempt when assessing the amount of tax to be applied to income from other sources.

7. Notwithstanding the provisions of paragraph 6 of this Article, a member may deposit, with its instrument of ratification, acceptance or approval, a declaration that such member retains for itself, its political subdivisions or its local authorities the right to tax salaries and emoluments paid by the Bank to citizens or nationals of such member. The Bank shall be exempt from any obligation for the payment, withholding or collection of such taxes. The Bank shall not make any reimbursement for such taxes.

8. Paragraph 6 of this Article shall not apply to pensions and annuities paid by the Bank.

9. No tax of any kind shall be levied on any obligation or security issued by the Bank, including any dividend or interest thereon, by whomsoever held

(i) which discriminates against such obligation or security solely because it is issued by the Bank, or

(ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank.

10. No tax of any kind shall be levied on any obligation or security guaranteed by the Bank, including any dividend or interest thereon by whomsoever held

(i) which discriminates against such obligation or security solely because it is guaranteed by the Bank, or

(ii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.

ARTICLE 54

Implementation of Chapter

Each member shall promptly take such action as is necessary for the purpose of implementing the provisions of this Chapter and shall inform the Bank of the detailed action which it has taken.

ARTICLE 55

Waiver of Immunities, Privileges and Exemptions

The immunities, privileges and exemptions conferred under this Chapter are granted in the interest of the Bank. The Board of Directors may waive to such extent and upon such conditions as it may determine any of the immunities, privileges and exemptions conferred under this Chapter in cases where such action would, in its opinion, be appropriate in the best interests of the Bank. The President shall have the right and the duty to waive any immunity, privilege or exemption in respect of any officer, employee or expert of the Bank, other than the President or a Vice-President, where, in his or her opinion, the immunity, privilege or exemption would impede the course of justice and can be waived without prejudice to the interests of the Bank. In similar circumstances and under the same conditions, the Board of Directors shall have the right and the duty to waive any immunity, privilege or exemption in respect of the President and each Vice President.

GIVEN under the Official Seal of the Government, this 21st day of March 1991.

CHARLES J. HAUGHEY,

Taoiseach.

EXPLANATORY NOTE.

The effect of this Order is to accord to the European Bank for Reconstruction and Development the privileges and immunities set out in the Agreement establishing the European Bank for Reconstruction and Development, for the purposes of Section 42A of the

Diplomatic Relations and Immunities Act 1967

(No. 8 of 1967), inserted by

Section 1

of the

Diplomatic Relations and Immunities (Amendment) Act, 1976

(No. 2 of 1976).

S.I. No. 65 of 1991.

EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT (DESIGNATION AND IMMUNITIES) ORDER, 1991.

WHEREAS it is enacted by

section 40

(1) of the

Diplomatic Relations and Immunities Act, 1967

(No. 8 of 1967), that the Government may by order designate an international body of which the State or the Government is or intends to become a member to be an organisation to which Part VIII of that Act applies

AND WHEREAS it is further enacted by section 42A of the Diplimatic Relations and Immunities Act, 1967, inserted by

section 1

of the

Diplomatic Relations and Immunities (Amendment) Act, 1976

(No. 2 of 1976), that the Government may be order make provision to enable an international body to have and enjoy in the State any inviolability, exemptions, facilities, immunities, privileges or rights provided for in relation to it by an international agreement to which the State or the Government is or intends to become a party

AND WHEREAS the European Bank for Reconstruction and Development and the Agreement establishing the European Bank for Reconstruction and Development, done at Paris on the 29th day of May, 1990, are respectively a body and an international agreement as aforesaid

NOW, the Government in exercise of the powers conferred upon them by

sections 40

and

42A

of the

Diplomatic Relations and Immunities Act, 1967

, hereby order as follows