Strategic Banking Corporation of Ireland Act 2014


Maximum amount of State funding to SBCI

16. (1) The total aggregate amount of funding provided by the Minister to the SBCI and any SBCI group entity shall not at any particular time exceed €5,000,000,000.

(2) Any funding payable by the Minister under this Part may be paid out of the Central Fund or the growing produce thereof.

(3) For the purposes of subsection (1) the equivalent in the currency of the State of funding 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.

(4) I nterest on any borrowings, liabilities and obligations of the SBCI or any SBCI group entity shall not be taken into account in calculating the total aggregate amount of funding referred to in subsection (1) .

(5) In this section “funding” includes any loan, investment, exchange of assets, subscription for securities, debt securities, issued share capital and callable share capital.