ICC Bank Act, 1999

Borrowing limit of ACC Bank public limited company.

6.—Section 12 (which relates to the borrowing powers of ACC Bank public limited company) of the Agricultural Credit Act, 1978 , is hereby amended by the substitution for subsection (1) (inserted by section 9 of the Borrowing Powers of Certain Bodies Act, 1996 ) of the following subsection:

“(1) The Corporation may, subject to such conditions and limitations on amounts as the Minister, after consultation with the Central Bank of Ireland, may determine, raise or borrow money (including money in a currency other than the currency of the State) in any manner it thinks fit, but the amount of money raised or borrowed by it and outstanding at any time shall not exceed £3,000,000,000.”.