National Oil Reserves Agency Act 2007
Power to borrow.
26.— (1) The Agency may, subject to subsections (2) and (3), raise or borrow money (including money in a currency other than the currency of the State) by means of the issue of debentures or otherwise, for the purpose of providing for current or capital purposes.
(2) The aggregate amount at any time of money raised or borrowed under this section shall not exceed €1 billion.
(3) No money may be raised or borrowed under this section except with the prior approval of the Minister given with the consent of the Minister for Finance and subject to such terms and conditions as they may determine.
(5) For the purposes of this section and section 27 money raised or borrowed in a currency other than the currency of the State is deemed to be the equivalent in the currency of the State of the actual money raised or borrowed, such equivalent being calculated according to the rate of exchange, at the time the money is raised or borrowed, for that currency and the currency of the State.
(6) The limit on borrowings provided for under subsection (2) applies to the aggregate at any one time of borrowings of the Agency and all subsidiaries.
Repealed (30.06.2009) by European Communities (Repeal of Section 26(4) of the National Oil Reserves Agency Act 2007) Regulations 2009 (S.I. No. 247 of 2009), reg. 2.