Industrial Development Act 1986

Guarantee of loans and interest subsidy for restructuring industry.

[1977, s. 2; 1981, s. 6]

26

26.—(1) For the purpose of promoting the restructuring of industry, the Authority may, in the case of the acquisition by an industrial undertaking of the whole or part of another industrial undertaking or in the case of an amalgamation between two or more industrial undertakings, in addition to any other power conferred on it by this Act—

(a) make a grant, on such terms and conditions as it thinks proper, towards the reduction of interest payable on a loan raised in connection with such an acquisition or amalgamation,

(b) guarantee the due repayment of the whole or part of the principal of any money (including money in a currency other than the currency of the State) borrowed in connection with such an acquisition or amalgamation or the payment of interest on such principal or both the repayment of the principal and the payment of such interest.

(2) The Authority shall not, without the prior permission of the Government, give a guarantee in respect of money borrowed in connection with an acquisition or amalgamation referred to in subsection (1) or make a grant towards the reduction of interest payable on a loan raised for such purposes where the amount of the principal of any money the subject of the guarantee and the amount of the grant payable towards the reduction of interest exceed in the aggregate F21[£1,200,000].

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

Annotations

Amendments:

F21

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

Modifications (not altering text):

C17

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.

...

Editorial Notes:

E21

£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.