S.I. No. 456/1997 - National Treasury Management Agency (Delegation of Functions) Order, 1997.

1. (1) This Order may be cited as the National Treasury Management Agency (Delegation of Functions) Order, 1997.

(2) This Order shall come into operation on the first day of January, 1998.

2. The functions of the Minister for Finance under subsection (10) (inserted by

section 161

of the

Finance Act, 1997

(No. 22 of 1997)) of

section 54

of the

Finance Act, 1970

(No. 14 of 1970), are hereby delegated to the National Treasury Management Agency.

Given under the Official Seal

of the Government, this

12th day of November, 1997.

Bertie Ahern,

TAOISEACH.

EXPLANATORY NOTE

As provided for in

section 5

of the

National Treasury Management Agency Act, 1990

and

section 54

of the

Finance Act, 1970

, as amended by

section 161

of the

Finance Act, 1997

, this Order delegates to the National Treasury Management Agency the statutory power of the Minister for Finance to designate existing and future Irish Government bonds as 'strippable'. That involves allowing the separate holding of the right to receive each of the interest payments on a bond and the right to receive the final principal repayment of a bond and involves these rights being purchasable and saleable separately. The stripping of such bonds is to be carried out at the discretion of the holder.

S.I. No. 456 of 1997.

ORDER entitled NATIONAL TREASURY MANAGEMENT AGENCY (DELEGATION OF FUNCTIONS) ORDER, 1997.

The Government, in exercise of the powers conferred on them by

section 5

of the

National Treasury Management Agency Act, 1990

(No. 18 of 1990), hereby order as follows