Postal and Telecommunications Services Act, 1983

Power to borrow.

27.—(1) (a) Each company may, by means of the issue of debentures or otherwise, borrow money (including money in a currency other than the currency of the State) for capital purposes including working capital but, where a borrowing is not from the Minister for Finance, it shall require the consent of the Minister and the Minister for Finance.

(b) The aggregate at any one time of borrowings by the postal company under paragraph (a) shall not exceed £58,500,000.

(c) The aggregate at any one time of borrowings by the telecommunications company under paragraph (a) shall not exceed £1,400,000,000.

(d) For the purposes of this subsection moneys borrowed in a currency other than the currency of the State shall be deemed to be the equivalent in the currency of the State of the actual moneys borrowed, such equivalent being calculated according to the rate of exchange at the time of the borrowing for that currency and the currency of the State.

(2) Each company may borrow money (including money in a currency other than the currency of the State) temporarily but the aggregate at any one time of such borrowing shall not exceed such amount as has been approved by the Minister with the consent of the Minister for Finance.

(3) (a) Without prejudice to section 2 (6), references in subsections (1) and (2) to either company include references to a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of that company.

(b) Where either company and a subsidiary thereof have at any one time borrowings under this section, the limits on borrowings provided for apply to the aggregate at any one time of borrowings by the company concerned and the subsidiary and, in the case of subsections (1) (c) and (2), borrowings before the vesting day by Irish Telecommunications Investments Limited.