New South Wales Consolidated Acts

GOVERNMENT SECTOR FINANCE ACT 2018 - SECT 6.15

6.15 Treasurer's directions may include directions concerning use of financial services

(1) The Treasurer's directions may include directions concerning the use by GSF agencies of banking services (whether or not provided under a State financial service agreement) and any other financial services provided under a State financial service agreement.

(2) Without limiting subsection (1), the Treasurer's directions may require--

(a) GSF agencies or government officers to use a particular banking or other financial service provided under a State financial service agreement, and

(b) interest payable on banking accounts of GSF agencies (or interest payable by reference to banking account structuring under a State financial service agreement) to be paid to the Treasurer or to any other entity nominated by the Treasurer.

(3) Despite subsection (2) (b), if legislation apart from this Act expressly requires interest payable on banking accounts of a GSF agency to be paid into an SDA account or statutory special purpose fund, the Treasurer is to ensure that sufficient provision is made for the interest (or an amount in lieu of the interest) to be paid into that SDA account or fund within 5 working days of receipt of the interest by the Treasury or entity because of directions made for the purposes of that paragraph.

(4) The Treasurer may use interest payable by reference to banking account structuring under a State financial service agreement, or money forming part of the Consolidated Fund if that interest is insufficient, for the purpose of making payments in lieu of interest under subsection (3).

(5) The Treasurer is taken to have been given an appropriation out of the Consolidated Fund under the authority of this section, at the time a payment is made under subsection (3), for an amount equivalent to the amount of the payment if money forming part of the Consolidated Fund is used for the payment.

(6) The Treasurer's directions may also require, authorise or permit a GSF agency holding trust money to use a particular banking service or other financial service provided under a State financial service agreement in respect of the trust money unless it is expressly forbidden by the trust instrument, if any, for the trust.

(7) The provisions of section 6.3 apply to trust money held by a GSF agency in accordance with the Treasurer's directions in the same way as they apply to the investment of trust money by trustees in government issued investments.

(8) The accountable authority for a GSF agency is responsible for ensuring that the agency complies with any Treasurer's directions given for the purposes of this section.

(9) Subject to the Treasurer's directions, a GSF agency may enter (and is authorised by this section to enter) into agreements and other arrangements with a provider of financial services under a State financial service agreement concerning the provision of a financial service to the agency under the State financial service agreement.

(10) Nothing in this section (except subsection (6)) limits the power of the Treasurer to give Treasurer's directions.