S.I. No. 232/1996 - Borrowing Powers of Certain Bodies Act, 1996 (Commencement) Order, 1996.

S.I. No. 232 of 1996.

BORROWING POWERS OF CERTAIN BODIES ACT, 1996 (COMMENCEMENT) ORDER, 1996.

I, RUAIRÍ QUINN, Minister for Finance, in exercise of the powers conferred on me by Section 12 (3) of the Borrowing Powers of Certain Bodies Act, 1996 (No. 22 of 1996), hereby order as follows:

1. This Order may be cited as the Borrowing Powers of Certain Bodies Act, 1996 (Commencement) Order, 1996.

2. The 1st day of August, 1996, is hereby fixed as the day on which the Borrowing Powers of Certain Bodies Act, 1996 (No. 22 of 1996), shall come into operation.

GIVEN under my Official Seal, this 30th day of July, 1996.

RUAIRÍ QUINN,

Minister for Finance.

EXPLANATORY NOTE.

The Borrowing Powers of Certain Bodies Act, 1996 confirms the legal powers of bodies whose borrowing is subject to the consent of the Minister for Finance to engage in capital financing transactions, including finance leases, and makes certain other provisions in relation to such transactions by these bodies. The Act also provides for an increase in the borrowing limit of ACC Bank plc from £1,400 million to £2,400 million.

This Order commences the Borrowing Powers of Certain Bodies Act, 1996 from 1st August, 1996.