Grangegorman Development Agency Act 2005

Guarantee by Minister for Finance of borrowing by Agency.

16

16.—(1) Without prejudice to section 6 of the Borrowing Powers of Certain Bodies Act 1996 , the Minister for Finance, after consultation with the Minister, may guarantee, in such form and manner and in such money (including money in a currency other than the currency of the State) and on such terms and conditions as the Minister for Finance thinks fit, the due repayment by the Agency of the principal of any moneys borrowed by the Agency or the payment of the interest on such moneys, or both the repayment of such principal and the payment of such interest, and any such guarantee may include a guarantee of the payment by the Agency of commission and incidental expenses arising in connection with such borrowing.

(2) The Minister for Finance shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out with respect to each guarantee under this section given during that year or given at anytime before, and in force at, the commencement of that year—

( a) particulars of the guarantee,

( b) in case any payment has been made by the Minister for Finance under the guarantee before the end of that year, the amount of the payment and the amount (if any) repaid to that Minister on foot of the payment, and

( c) the amount of moneys covered by the guarantee which was outstanding at the end of that year.

(3) Moneys paid by the Minister for Finance under a guarantee under this section shall be repaid to the Minister for Finance (with interest thereon at such rate or rates as that Minister appoints) by the Agency within such period from the date of the advance of the moneys out of the Central Fund as may be specified by that Minister after consultation with the Agency.

(4) Where the whole or any part of moneys required by subsection (3) to be repaid to the Minister for Finance has not been paid in accordance with that subsection, the amount so remaining outstanding shall be repaid, at such times as the Minister for Finance shall determine, to the Central Fund out of moneys provided by the Oireachtas.

(5) Notwithstanding the provision of moneys under subsection (4) to repay the amount to the Central Fund, the Agency shall remain liable to the Minister for Finance in respect of that amount, and that amount (with interest thereon at such rate or rates as the Minister for Finance appoints) shall be repaid to that Minister by the Agency at such times and in such instalments as that Minister appoints.

(6) Moneys paid by the Agency under subsection (3) or (5) shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance thinks fit.

(7) In relation to guarantees given by the Minister for Finance under this section in money in a currency other than the currency of the State—

( a) each of the references to principal or interest and the references to commission and incidental expenses in subsection (1) shall be taken as referring to the equivalent in the currency of the State of the actual amount of such principal, interest, or commission and incidental expenses, as the case may be, such equivalent being calculated according to the cost in the currency of the State of such amount at the time the calculation is made,

( b) the reference to moneys in subsection (2) shall be taken as referring to the equivalent in the currency of the State of the actual moneys, such equivalent being calculated according to the rate of exchange for that currency and the currency of the State at the time the calculation is made, and

( c) each of the references to moneys in subsections (3) to (5) shall be taken as referring to the cost in the currency of the State of the actual moneys.