Microenterprise Loan Fund Act 2012

8.

Borrowing by Social Finance Foundation.

8.— (1) The Social Finance Foundation may, for the purposes of this Act and with the consent of the Minister, the Minister for Finance and the Minister for Public Expenditure and Reform, borrow money (including money in a currency other than the currency of the State) from such persons as it considers appropriate, whether by means of the issue of debentures (or other debt security) or otherwise.

(2) The aggregate at any one time of borrowings by the Social Finance Foundation under this section shall not exceed €25 million.

(3) For the purposes of this section, moneys borrowed 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, such equivalent being calculated at the rate of exchange prevailing at the time of the borrowing for that currency and the currency of the State.

(4) ( a) The Social Finance Foundation shall, 1 [ subject to subsection (2) of section 8A and such terms and conditions ] as the Minister determines, lend to the subsidiary all moneys borrowed by it in accordance with this section.

( b) The Social Finance Foundation shall not lend moneys to the subsidiary other than moneys borrowed by it in accordance with this section.

( c) 1 [ ]

(5) This section shall not operate to restrict or delimit any power that, apart from this section, the Social Finance Foundation has to borrow money.

Annotations:

Amendments:

Amendments:

F17

Substituted (20.07.2020) by Microenterprise Loan Fund (Amendment) Act 2020 (3/2020), s. 5(a), S.I. No. 268 of 2020.

F18

Deleted (20.07.2020) by Microenterprise Loan Fund (Amendment) Act 2020 (3/2020), s. 5(b), S.I. No. 268 of 2020.