Industrial Development Act 1986

Guarantee of loans.

[1969, s. 37; 1981, s. 5]

24

24. (1) The Authority may guarantee the due repayment of part (not exceeding 80 per cent.) of the principal of any money (including money in a currency other than the currency of the State) borrowed in respect of fixed assets of an industrial undertaking or the payment of interest on such money or both the repayment of the principal and the payment of such interest, if (in each such case) the undertaking conforms to the criteria set out in subsections (3) and (4) of section 21 .

(2) Whenever a loan is guaranteed under this section, the guarantee shall be in such form and manner and on such terms and conditions as may be specified in a scheme governing the giving of such guarantees sanctioned by the Minister with the concurrence of the Minister for Finance.

(3) Money required by the Authority to meet sums which may become payable by the Authority under a guarantee shall be paid out of funds at the disposal of the Authority.

(4) The capital value of a loan guarantee under this section shall be reckoned in the calculation of grants for the purpose of sections 33 and 34 and shall be determined in accordance with such terms and conditions as may be specified in the scheme referred to in subsection (2).

(5) The Authority shall not, without the prior permission of the Government, give in respect of a particular industrial undertaking a guarantee under this section where the amount of the principal of any money guaranteed exceeds F18 [ £ 1,200,000 ] .

(6) Section 14 (4) applies to a guarantee under this section in money in a currency other than the currency of the State.

Annotations:

Amendments:

F18

Substituted (13.07.1998) by Industrial Development (Enterprise Ireland) Act 1998 (34/1998), s. 34(2)(a), commenced on enactment.

Modifications (not altering text):

C14

Functions under section transferred (1.08.2014) by Industrial Development (Forfás Dissolution) Act 2014 (13/2014), s. 18 and sch., commenced as per subs. (8) and S.I. No. 341 of 2014.

Transfer of functions to Enterprise Ireland and IDA

18. (1) The functions specified in the Schedule are transferred to Enterprise Ireland and IDA.

(2) The functions transferred under subsection (1) may be performed—

(a) by either Enterprise Ireland or IDA, or

(b) jointly by both Enterprise Ireland and IDA.

(3) The functions specified in paragraph (c) of subsection (1) of section 8 of the Act of 1987 are transferred to IDA.

(4) A function transferred under subsection (1) shall be performed by Enterprise Ireland or IDA, or both, as the case may be, in accordance with such directions (if any) as may be issued by the Minister from time to time.

(5) A function transferred under subsection (3) shall be performed by IDA in accordance with such directions (if any) as may be issued by the Minister from time to time.

(6) Any assignment of powers and functions under section 9 of the Act of 1993 to Enterprise Ireland or IDA in force immediately before the coming into operation of this section shall cease to have effect on that coming into operation.

(7) Subsection (3) of section 3 of the Act of 1995 is repealed. (8) This section shall come into operation on the dissolution day.

(8) This section shall come into operation on the dissolution day.

SCHEDULE

Section 18

Functions Transferred to Enterprise Ireland and IDA

Functions referred to in: ...

2. Subsections (3), (5) and (7) of section 5, paragraphs (a), (c) to (h) and (j) of subsection (1) of section 11, sections 16, 18 to 32 , 36 and 37 of the Industrial Development Act 1986.

...

C15

Functions under section transferred to Minister for Public Expenditure and Reform (6.07.2011) by Ministers and Secretaries (Amendment) Act 2011 (10/2011), ss. 9, 20 and sch. 2 part. 1, S.I. No. 401 of 2011.

Transfer of certain other functions to Minister.

9.— ...

(2) The functions conferred on the Minister for Finance by or under any of the provisions specified in Part 1 of Schedule 2 are transferred to the Minister.

...

Performance of certain functions transferred to Minister by section 9.

20.— (1) The Minister shall not perform a function transferred by subsection (2) of section 9 without the consent of the Minister for Finance.

...

SCHEDULE 2

Functions Transferred To Minister

Sections 9 and 20

PART 1

Functions performable with consent of Minister for Finance STATUTES

Number and Year (1)

Short Title(2)

Provision (3)

...

...

...

No. 9 of 1986

Industrial Development Act 1986

Sections 19 and 24

...

...

...

Editorial Notes:

E18

£1,200,000 converts to approximately €1,523,686 in accordance with Council Regulation (EC) No 974/98 of 3 May 1998 and Council Regulation (EC) No 2866/98 of 31 December 1998 on the conversion rates between the euro and the currencies of the Member States adopting the euro.