ACT
(Act 22 of 2023 and Statutory Instrument 140/2023)
Act 22 of 2023 .. in force 1 April 2024 (S.I. 140/2023)
ARRANGEMENT OF SECTIONS
PRELIMINARY
| 1. | Short title |
| 2. | Interpretation |
| 3. | Act binds the Crown |
PART 1
ADMINISTRATION
Division 1
Responsibilities of the Minister
| 4. | Powers of the Minister |
| 5. | Validity of document signed by agent |
| 6. | Contents of agency agreement |
| 7. | Delegation of powers |
| 8. | Reporting to Parliament |
| 9. | Requirement for Minister to lay Strategy and Borrowing Plan before Parliament |
Division 2
Debt and Investment Management Unit
| 10. | Supervision of the Unit |
| 11. | Functions of the Unit |
| 12. | Debt Management Objectives |
| 13. | Medium-Term Debt Management Strategy |
| 14. | Borrowing Plan |
| 15. | Public Debt Sustainability Analysis |
| 16. | Audit of the Unit |
Division 3
Public Debt Management Advisory Committee
| 17. | Appointment of the Public Debt Management Advisory Committee |
| 18. | Constitution of the Committee |
| 19. | Functions of the Committee |
| 20. | Meetings of the Committee |
| 21. | Quorum |
| 22. | Committee to regulate its procedures |
PART 2
GOVERNMENT BORROWING
Division 1
Government Borrowing: General
| 23. | Government borrowing to meet fiscal requirements |
| 24. | Terms and conditions for Government borrowing |
| 25. | Issue of certificate |
| 26. | Duplicate certificate |
| 27. | Proceeds of funds borrowed by Government |
| 28. | Effecting payment |
| 29. | Repayment |
| 30. | Tax on interest from income from Government securities and deduction at source |
| 31. | Register of Government Securities |
Division 2
Government Borrowing by Treasury Bonds and Treasury Notes
| 32. | Government borrowing by treasury bonds and treasury notes |
| 33. | Conditions for issue of treasury bonds and treasury notes |
| 34. | Interest on treasury bonds and treasury notes |
| 35. | Effect of treasury bonds and treasury notes on the death of holder |
Division 3
Government Borrowing by Treasury Bills
| 36. | Government borrowing by treasury bills |
| 37. | Conditions for the issue of treasury bills |
| 38. | Amount and currency of treasury bills |
PART 3
GOVERNMENT GUARANTEES
| 39. | Interpretation of this Part |
| 40. | Application for Government guarantee |
| 41. | Evaluation of an application for Government guarantee |
| 42. | Recommendation of the Unit |
| 43. | Notice of approval of an application for Government guarantee |
| 44. | Grant of Government guarantee |
| 45. | Notice of refusal of an application for Government guarantee |
| 46. | Execution of Government guarantee |
| 47. | Payment of fees and other expenses relating to Government guarantee |
| 48. | Default by borrower on Government guarantee |
| 49. | Recovery of money paid by the Government on behalf of the borrower |
| 50. | Register of Government Guarantees |
Division 4
Debt Reporting Requirements
PART 4
GOVERNMENT ON-LENDING
| 52. | Ceiling amount for Government on-lending |
| 53. | Application for Government on-lending |
| 54. | Evaluation of an application for Government on-lending |
| 55. | Recommendation of the Unit |
| 56. | Notice of approval of an application for Government on-lending |
| 57 | Grant of Government on-lending |
| 58. | Notice of refusal of an application for Government on-lending |
| 59. | On-lending agreement |
| 60. | Payment of interest |
| 61. | Fees for Government on-lending |
| 62. | Recovery of money paid by the Government on behalf of the borrower |
PART 5
MISCELLANEOUS
| 63. | Unauthorized debt management activity |
| 64. | Confidentiality of information |
| 65. | Exemption from stamp duty |
| 66. | Regulations |
| 67. | Repeal |
| 68. | Savings |
| 69. | Transitional |
AN ACT to consolidate and modernize the laws relating to debt management by providing for the administration of public debt management; a Medium-Term Debt Management Strategy; a Public Debt Sustainability Analysis; Government borrowings, guarantees, on-lending; and to reduce multiple issuers of debt and ensure sound financial policies in relation to the management of public debt and related matters.
Commencement [1 April 2024]