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Guaranteeing by Minister for Finance of borrowing.
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23.— (1) The Minister for Finance may, after consultation with the Minister, guarantee, in such form and manner and on such terms and conditions as he or she thinks fit, the due repayment by the Company or a subsidiary of the principal of any money (including money in a currency other than the currency of the State) borrowed by the Company or the subsidiary or the due payment of instalments or other amounts of money owed by the Company or a subsidiary under a contract entered into by the Company or the subsidiary or the payment of interest on any such money, instalment or amount or both the repayment of principal or payment of such instalments or amounts, as the case may be, and the payment of the interest, and any such guarantee may include a guarantee of payment of commission and incidental expenses arising in connection with such borrowings or such contract.
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(2) The Minister for Finance shall not so exercise the powers conferred on him or her by this section that the amount or the aggregate amount of principal which he or she 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 of principal (if any) which the Minister for Finance has previously paid on foot of any guarantee under this section and which has not been repaid by the Company or a subsidiary exceeds £100 million.
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(3) In calculating the amount of borrowings or instalments or other money guaranteed by the Minister for Finance under this section for the purposes of subsection (2), the equivalent in the currency of the State of borrowings or instalments or other money in a foreign currency shall be calculated at the rate of exchange at the time of the giving of the guarantee for that currency and the currency of the State.
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(4) Where a guarantee under this section is or has been given, the Company shall, if the Minister for Finance so requires give to him or her such security (including, in particular, debentures) as may be specified in the requirement for the purpose of securing to the Minister for Finance the repayment of any money which he or she may be liable to pay or has paid under the guarantee.
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(5) The Minister for Finance 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 him or her under the guarantee before the end of that year, the amount of the payment and the amount (if any) repaid to him or her on foot of the payment,
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(c) the amount of money covered by the guarantee which was outstanding at the end of that year.
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(6) All moneys from time to time required by the Minister for Finance to meet sums which may become payable by him or her under this section shall be advanced out of the Central Fund or the growing produce thereof.
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(7) Money paid by the Minister for Finance under a guarantee under this section shall be repaid to him or her (with interest thereon at such rate or rates as the Minister for Finance appoints) by the Company or by the subsidiary concerned within such period from the date of payment by the Minister for Finance as may be specified by him or her after consultation with the Company or the subsidiary, as may be appropriate.
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(8) Where the whole or any part of the money required by subsection (7) to be repaid to the Minister for Finance has not been repaid in accordance with that subsection, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.
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(9) Notwithstanding the provision of money under subsection (8) to repay an amount to the Central Fund, the Company or, as may be appropriate, the subsidiary concerned shall remain liable to the Minister for Finance in respect of that amount and that amount (with interest thereon at such rate or rates as the Minister for Finance appoints) shall be repaid to the Minister for Finance by the Company or, as may be appropriate, the subsidiary at such times and in such instalments as he or she appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable by him or her from the Company or, as may be appropriate, the subsidiary as a simple contract debt in any court of competent jurisdiction.
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(10) Moneys paid by the Company or a subsidiary under subsection (7) or (9) shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance thinks fit.
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(11) In relation to a guarantee under this section in respect of money borrowed in a currency other than the currency of the State—
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(a) the reference to the amount of money in subsection (5)(c) shall be taken as referring to the equivalent in the currency of the State of the actual amount of money, such equivalent being calculated according to the rate of exchange for the time being for that currency and the currency of the State,
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(b) each of the references to money in subsections (7) to (9) shall be taken as referring to the cost in the currency of the State of the actual money.
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