Transport (Railway Infrastructure) Act, 2001

Borrowings by Agency.

15.—(1) The Agency or a subsidiary of the Agency may, from time to time, borrow money for the purpose of carrying out its functions but shall not do so without the consent of the Minister and the Minister for Finance.

(2) The Agency shall exercise the powers conferred on it by this section so that the amount or amounts of principal which the Agency, inclusive of any borrowings by subsidiaries of the Agency, may at any time be liable to repay on foot of any liability or liabilities incurred under this section does not, or do not in their aggregate, exceed €600,000,000 (£472,538,400).

(3) 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 according to the rate of exchange for that currency and the currency of the State at the time such moneys were borrowed.