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Guarantee by Minister of borrowings.
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13.—(1) The Minister may guarantee, in such form and manner and in such money (including money in a currency other than the currency of the State) and on such terms and conditions as he thinks fit—
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(a) the due repayment by Temple Bar Properties Limited of the principal of any moneys borrowed by that company or the payment of interest on such moneys or both the repayment of the principal and the payment of the interest, and
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(b) the due payment of a promissory note made, or a bill of exchange drawn or accepted, by Temple Bar Properties Limited,
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and any such guarantee may include a guarantee of the payment by that company of commission and incidental expenses arising in connection with such borrowing, promissory note or bill of exchange.
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(2) The Minister shall not so exercise the powers conferred on him by this section that the amount, or the aggregate amount—
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(a) of principal, commission and incidental expenses, and
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(b) on promissory notes and bills of exchange,
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which he may at any one time be liable to repay on foot of any guarantee or guarantees under this section for the time being in force, together with the amount (if any) of principal, commission and incidental expenses and on promissory notes and bills of exchange which the Minister has previously paid on foot of any guarantee under this section and which has not been repaid by Temple Bar Properties Limited exceeds £25,000,000.
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(3) The Minister shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out with respect to each guarantee under this section given during that year or given at any time before, and in force at, the commencement of that year—
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(a) particulars of the guarantee,
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(b) in case any payment has been made by the Minister under the guarantee before the end of that year, the amount of the payment and the amount (if any) repaid to the Minister on foot of the payment,
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(c) the amount of moneys covered by the guarantee which was outstanding at the end of that year.
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(4) Moneys paid by the Minister under a guarantee under this section shall be repaid to him (with interest thereon at such rate or rates as he appoints) by Temple Bar Properties Limited within twelve months from the date of the advance of the moneys out of the Central Fund.
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(5) Where the whole or any part of moneys required by subsection (4) to be repaid to the Minister has not been paid in accordance with that subsection, the amount so remaining outstanding shall be repaid, at such times as the Minister shall determine, to the Central Fund out of moneys provided by the Oireachtas.
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(6) Notwithstanding the provision of moneys under subsection (5) to repay the amount to the Central Fund, Temple Bar Properties Limited shall remain liable to the Minister in respect of that amount and that amount (with interest thereon at such rate or rates as he appoints) shall be repaid to him by that company at such times and in such instalments as he appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable as a simple contract debt in any court of competent jurisdiction.
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(7) Moneys paid by Temple Bar Properties Limited under subsection (4) or (6) shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister thinks fit.
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(8) In relation to guarantees given by the Minister in money in a currency other than the currency of the State—
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(a) each of the references to principal, each of the references to interest and the reference to commission and incidental expenses in subsection (1) and the reference to a promissory note or bill of exchange in paragraph (b) thereof, shall be taken as referring to the equivalent in the currency of the State of the actual amount of such principal, interest, commission and incidental expenses, promissory note or bill of exchange, as the case may be, such equivalent being calculated according to the cost in the currency of the State of such amount at the time the calculation is made,
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(b) each of the references to principal, commission, incidental expenses, promissory notes and bills of exchange in subsection (2) shall be taken as referring to the equivalent in the currency of the State of the actual amount of such principal, commission, incidental expenses, promissory notes and bills of exchange, as the case may be, such equivalent being calculated in the manner provided for by paragraph (a),
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(c) the reference to moneys in subsection (3) shall be taken as referring to the equivalent in the currency of the State of the actual moneys, such equivalent being calculated according to the rate of exchange for that currency and the currency of the State at the time the calculation is made, and
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(d) each of the references to moneys in subsections (4) to (6) shall be taken as referring to the cost in the currency of the State of the actual moneys.
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