89.— Section 106 of the Local Government Act 2001 is amended—

(a) by the substitution of the following subsection for subsection (5):

“(5) The Minister may, after consultation with the Minister for Finance and the Minister for Public Expenditure and Reform, make regulations in relation to borrowing by local authorities.”,

and

(b) by the substitution of the following subsection for subsection (8):

“(8) The appropriate Minister may, after consultation with the Minister for Finance and the Minister for Public Expenditure and Reform, sanction borrowing by a local authority in a currency other than the currency of the State.”.