National Development Finance Agency Act, 2002
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Guarantee by Minister of borrowings. |
7.—(1) The Minister may guarantee the due repayment by the Agency or any companies formed under section 5 of the principal of any moneys (including moneys in a currency other than the currency of the State) raised by the Agency or such companies, or the payment of interest on such moneys or both the repayment of the principal and the payment of the interest, and any such guarantee may include a guarantee of the payment by the Agency or such companies of commission and incidental expenses arising in connection with such moneys. The combined net aggregate of the principal of all moneys guaranteed by the Minister and outstanding (including the equivalent in the currency of the State of moneys raised in a currency other than the currency of the State) shall not exceed €5,000,000,000 in total. | |
(2) 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— | ||
(a) particulars of the guarantee, including the remaining life of the guarantee, | ||
(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, and | ||
(c) the amount of moneys covered by the guarantee which was outstanding at the end of that year. | ||
(3) Moneys paid by the Minister under a guarantee under this section shall be repaid to the Minister, with interest on it at such rate or rates as he or she appoints, by the Agency or any company referred to in subsection (1), as the case may be, within 2 years from the date of the advance of the moneys out of the Central Fund. | ||
(4) Where the whole or any part of moneys required by subsection (3) to be repaid to the Minister has not been paid in accordance with that subsection, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas. | ||
(5) Notwithstanding the provision under subsection (4) to repay the amount to the Central Fund, the Agency or any company referred to in subsection (1), as the case may be, shall remain liable to the Minister in respect of that amount, and that amount, with interest on it at such rate or rates as the Minister appoints, shall be repaid to him or her by the Agency or any company referred to in subsection (1), as the case may be, at such times and in such instalments as the Minister appoints and, in default of such repayment and without prejudice to any other method of recovery, shall be recoverable as a simple contract debt in any court of competent jurisdiction. | ||
(6) Moneys paid by the Agency or any company referred to in subsection (1), as the case may be, under subsection (3) or (5) shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister thinks fit. | ||
(7) In relation to guarantees given by the Minister under this section in respect of moneys in a currency other than the currency of the State— | ||
(a) each of the references to principal, each of the references to interest and the reference to commission and incidental expenses in subsection (1) shall be taken as referring to the equivalent in the currency of the State of the actual principal, the actual interest and the actual commission and incidental expenses, respectively, such equivalent being calculated according to the cost in the currency of the State of the actual principal, the actual interest or the actual commission and incidental expenses, as may be appropriate, at the time the calculation is made, | ||
(b) the reference to moneys in subsection (2) 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 | ||
(c) each of the references to moneys in subsections (3) to (5) shall be taken as referring to the cost in the currency of the State of the actual moneys. | ||
(8) Any payment by the Minister under this section shall be a charge on the Central Fund or the growing produce thereof. |