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Borrowing by subsidiary from promotional financial institution
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6. The Act of 2012 is amended by the insertion of the following section after section 8:
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“8A. (1) The subsidiary may, for the purposes of this Act, with the consent of the Minister, the Minister for Finance and the Minister for Public Expenditure and Reform, and subject to such terms and conditions as may be approved by the Minister, borrow money (including money in a currency other than the currency of the State) from a promotional financial institution whether by means of the issue of debentures (or other debt security) or otherwise.
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(2) The aggregate at any one time of borrowings by the subsidiary under this section and subsection (4) of section 8 shall not exceed €100 million.
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(3) Moneys borrowed under this section shall be used by the subsidiary—
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(a) to lend moneys to microenterprises under section 7, or
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(b) to repay (in whole or in part) any loan made to the subsidiary by the Social Finance Foundation in accordance with subsection (4) of section 8.
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(4) For the purposes of this section, 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 at the rate of exchange prevailing at the time of the borrowing for that currency and the currency of the State.”.
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