Broadcasting Act 2009

107.

Borrowings.

107.— (1) RTÉ may, for the purpose of providing for current or capital expenditure, from time to time, borrow money (whether on the security of the assets of the corporation or otherwise), not exceeding in the aggregate €100,000,000 without requiring the consent of the Minister and the Minister for Finance.

(2) TG4 may, for the purpose of providing for current or capital expenditure, from time to time, borrow money (whether on the security of the assets of the corporation or otherwise), not exceeding in the aggregate €10,000,000 without requiring the consent of the Minister and the Minister for Finance.

(3) A corporation may, with the consent of the Minister and the Minister for Finance, the Minister having consulted with the Authority, borrow money exceeding the amount specified in subsections (1) or (2) for the purposes of providing for current or capital expenditure by means of—

( a) temporary borrowings from financial institutions, or

( b) the creation of stock or other forms of security to be issued, transferred, dealt with and redeemed in such manner and on such terms and conditions as the corporation, with the consents aforesaid, may determine.

(4) The Minister may attach to any consent granted under subsection (3) such particular terms or conditions as he or she considers appropriate in the circumstances.

(5) The terms upon which monies are borrowed under this section may include provisions charging the monies and interest thereon upon all property of whatsoever kind for the time being vested in the corporation or upon any particular property of the corporation and provisions establishing the priority of such charges amongst themselves.