B & I Line Act, 1991
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Discharge by Minister for Finance of liability in respect of certain borrowings of Company. |
3.—(1) The Minister for Finance may, after consultation with the Minister, enter into agreements with the lenders thereof for the payment by the Minister for Finance to such lenders in such money (including money in a foreign currency) and on such terms and conditions as to the manner, time of payment, release of security (if any), discharge of liability of the Company or otherwise as the Minister for Finance considers appropriate and are specified in the agreements, of amounts in respect of the principal of such moneys as stand borrowed and not repaid by the Company, not exceeding in total £30,000,000, together with an amount equal to the amount of the interest payable by the Company on such principal and any other sum that is or may become payable by the Company to the lenders in respect of such borrowings. | |
(2) If agreements such as are referred to in subsection (1) of this section are entered into, the Minister for Finance may pay to the lenders concerned such amounts as are specified in the said subsection (1) on the terms and conditions specified in the said agreements. | ||
(3) Neither the entering into an agreement by the Minister for Finance under subsection (1) of this section nor the making by him of any payment under subsection (2) of this section shall impose any liability on the Company to the Minister for Finance in respect of the agreement or payment. | ||
(4) The aggregate of the amounts paid by the Minister for Finance in respect of principal under subsection (2) of this section together with the amount expended by him in the purchase of additional shares of the Company by virtue of section 2 of this Act shall not exceed £36,000,000. | ||
(5) For the purposes of calculating the amount of principal which may be paid by the Minister for Finance under agreements under subsection (1) of this section, the equivalent in the currency of the State of any part of the principal lent in a foreign currency shall be calculated at the exchange rate prevailing at the time of the entry into the agreement under the said subsection (1) relating to that part. | ||
(6) (a) The Minister for Finance may direct the National Treasury Management Agency to perform on his behalf the functions conferred on him by subsection (2) of this section and whenever a direction under this paragraph is in force, the National Treasury Management Agency Act, 1990 , (other than paragraphs (a) and (c) of section 5 (3)) shall apply and have effect in relation to the functions concerned as if they had been delegated to the said Agency thereunder. | ||
(b) Whenever a direction under paragraph (a) of this subsection is in force, the Minister for Finance may direct the National Treasury Management Agency to cease performing on his behalf the functions concerned. | ||
(c) The National Treasury Management Agency shall comply with a direction under this subsection. |