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Guaranteeing by Minister for Public Expenditure and Reform of borrowing by IANS
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27. (1) In relation to borrowings by the IANS under section 26, the Minister for Public Expenditure and Reform, after consultation with 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 or she thinks fit any, or any combination, of the following:
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(a) the due repayment by the IANS of the principal of any money borrowed by the IANS;
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(b) the due payment of instalments or other amounts of money owed by the IANS under a contract entered into by the IANS;
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(c) the payment of interest on any money, instalment or amount;
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(d) both the repayment of principal or payment of such instalments or amounts, as the case may be, and the payment of the interest;
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(e) the payment of commission and incidental expenses arising in connection with such borrowings or such contract.
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(2) The Minister for Public Expenditure and Reform shall not so exercise the powers conferred on him or her by this section that the amount, or the aggregate amount, of money which he or she may at any one time be liable to pay on foot of any guarantee or guarantees under this section for the time being in force, together with the amount of money (if any) which he or she had previously paid on foot of any guarantee under this section and which has not been repaid by the IANS, exceeds—
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(a) such amount as the Minister has, with the consent of the Minister for Public Expenditure and Reform, specified by order, or
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(b) if no such amount stands so specified, €102 million.
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(3) For the purpose of calculating the amount of borrowings or instalments or money guaranteed by the Minister for Public Expenditure and Reform under this section by reference to the limit on money in 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 prevailing 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 IANS shall, if the Minister for Public Expenditure and Reform 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 that Minister 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 Public Expenditure and Reform 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, and
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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) Money paid by the Minister for Public Expenditure and Reform under a guarantee under this section shall be repaid to him or her (with interest thereon at such rate or rates as he or she appoints) by the IANS within such period from the date of payment by that Minister as may be specified by him or her after consultation with the IANS.
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(7) Where the whole or any part of the money required by subsection (6) to be repaid to the Minister for Public Expenditure and Reform 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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(8) Notwithstanding the provision of money under subsection (7) to repay an amount to the Central Fund, the IANS shall remain liable to the Minister for Public Expenditure and Reform in respect of that amount and that amount (together with interest thereon at such rate or rates as that Minister appoints) shall be repaid to that Minister by the IANS at such times and in such instalments as he or she appoints and, in default of such repayment and without prejudice to any other method of recovery, shall be recoverable by him or her from the IANS as a simple contract debt in any court of competent jurisdiction.
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(9) In relation to a guarantee under this section 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 instalments or other amounts of money, 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 instalments or other amounts of money, the actual interest or the actual commission and incidental expenses, as may be appropriate,
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(b) the reference to the amount of money in subsection (5) (c) covered by the guarantee which was outstanding at the end of that year 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 prevailing for the time being for that currency and the currency of the State, and
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(c) each of the references to money in subsections (6) to (8) shall be taken as referring to the cost in the currency of the State of the actual money.
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