Grangegorman Development Agency Act 2005

Borrowing by Agency.

15

15.—(1) Subject to the approval of the Minister, given with the consent of the Minister for Finance, the Agency may borrow money (including money in a currency other than the currency of the State) for the purpose of providing for current or capital purposes.

(2) Any moneys borrowed by the Agency pursuant to this section and any interest accruing thereon may be secured on the revenue, funds or property of the Agency or may be guaranteed by the Minister for Finance under section 16 .

(3) The Agency shall exercise the powers conferred on it by this section so that the amount or amounts of principal which the Agency may at any particular time be liable to repay on foot of any liability or liabilities incurred under this section does not, or do not in their aggregate, exceed €100,000,000.

(4) For the purposes of this section moneys borrowed or raised in a currency other than the currency of the State shall be deemed to be the equivalent in the currency of the State of the actual moneys borrowed or raised, such equivalent being calculated according to the rate of exchange for that currency and the currency of the State at the time such moneys were borrowed or raised, as the case may be.

Annotations

Modifications (not altering text):

C8

Functions transferred and references to “Minister for Finance” construed (6.07.2011) by Ministers and Secretaries (Amendment) Act 2011 (10/2011), ss. 9, 15 and sch. 2 part 1, S.I. No. 401 of 2011, subject to condition in s. 20.

Department of Public Expenditure and Reform.

7.— ...

(2) The member of the Government who is in charge of the Department of Public Expenditure and Reform— ...

(b) is, in this Act, referred to as the “Minister”.

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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.

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Construction of references.

15.— (1) References to the Minister for Finance contained in any statute or instrument under a statute in so far as they relate to any function transferred by this Act shall, from the appointed day, be construed as references to the Minister.

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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.

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SCHEDULE 2

Functions Transferred To Minister

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PART 1

Functions performable with consent of Minister for Finance

STATUTES

Number and Year

Short Title

Provision

(1)

(2)

(3)

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...

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No. 21 of 2005

Grangegorman Development Agency Act 2005

Section 15(1)

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