Appropriation Act, 1965

Borrowing in currency other than currency of the State.

4.—(1) For the purpose of any borrowing which he is authorised to make under this Act or any Act passed before or after the passing of this Act, the Minister for Finance may borrow in a currency other than the currency of the State.

(2) The amount to be paid into the Exchequer in respect of any borrowing effected under this section shall be the actual proceeds in the currency of the State of the borrowing and, for the purposes of the borrowing powers of the Minister for Finance, the amount paid into the Exchequer shall be deemed to be the actual amount borrowed.

(3) The amount to be issued from the Exchequer for the purpose of repayment of, or the payment of interest on, borrowing effected under this section shall be the cost in the currency of the State of the repayment or of the payment of interest.