Strategic Banking Corporation of Ireland Act 2014


Borrowings by SBCI

13. (1) Subject to subsection (3) , the SBCI and any SBCI group entity may from time to time borrow money in any currency.

(2) For the purpose of borrowing, the SBCI and any SBCI group entity may create and issue bonds, debentures and other securities, bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as the SBCI or the SBCI group entity thinks fit.

(3) The SBCI and the SBCI group entities shall exercise the powers conferred by this section so that the amount of principal which the SBCI and the SBCI group entities may at any particular time be liable to repay on foot of any liability or liabilities incurred under this section does not exceed €4,000,000,000.

(4) The SBCI and any SBCI group entity may engage in transactions (including transactions in a currency other than the currency of the State) of a normal banking nature with the Minister or any other person for the purpose of performing any of its functions.

(5) For the purpose of calculating the amount of borrowings under this section by reference to the limit on principal in subsection (3) , the equivalent in the currency of the State of borrowings in a foreign currency shall be calculated at Euro Reference Rates published by the European Central Bank prevailing at the time the calculation is made.