Credit Guarantee (Amendment) Act 2016

12.

Monetary limit on Minister’s liability

12. 1 [ (1) ] 1 [ Subject to subsection (2) , the Minister shall not ] exercise the powers conferred on him or her by section 4 of the Principal Act or section 11 in such manner as would result in the aggregate of the Minister’s liability in respect of—

(a) all qualifying finance agreements, to which guarantees under a credit guarantee scheme apply, entered into in any year, and

(b) all qualifying PFI guarantee agreements, to which counter guarantees under a counter guarantee scheme apply, entered into in that same year,

exceeding €15.6 million.

1 [ (2) Subsection (1) shall not apply to—

(a) guarantees given under section 4 of the Principal Act in accordance with a Covid-19 credit guarantee scheme, or

(b) qualifying finance agreements to which those guarantees apply.

(3) In this section, ‘Covid-19 credit guarantee scheme’ has the same meaning as it has in the Principal Act. ]

Annotations:

Amendments:

Amendments:

F4

Inserted (11.08.2020) by Credit Guarantee (Amendment) Act 2020 (5/2020), s. 6(c), S.I. No. 303 of 2020.

F5

Inserted (11.08.2020) by Credit Guarantee (Amendment) Act 2020 (5/2020), s. 6(a), S.I. No. 303 of 2020.

F6

Substituted (11.08.2020) by Credit Guarantee (Amendment) Act 2020 (5/2020), s. 6(b), S.I. No. 303 of 2020.