Agricultural Credit Act, 1972

Powers of Minister in relation to losses or gains arising from changes in rates of exchange.

7.—Where money is raised or borrowed by the Corporation in a currency other than the currency of the State, the Minister may—

(a) undertake, subject to such terms and conditions as he thinks fit, to bear any loss arising out of changes in the rate of exchange which would increase the cost in the currency of the State of the repayment of the principal of any moneys raised or borrowed by the Corporation or the payment of interest on such moneys, or

(b) receive any gain accruing from changes in the rate of exchange which would decrease the cost in the currency of the State of repayment of that principal or payment of that interest.