Transport (Railway Infrastructure) Act, 2001

Guarantee by Minister for Finance of borrowing by Agency.

16.—(1) Without prejudice to section 6 of the Borrowing Powers of Certain Bodies Act, 1996 , the Minister for Finance, after consultation with the Minister, may guarantee, in such form and manner and on such terms and conditions as he or she thinks fit, the due repayment of any moneys (including money in a currency other than the currency of the State) (or the payment of interest on such moneys) borrowed by the Agency.

(2) The Minister for Finance 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—

(a) particulars of the guarantee,

(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

(c) the amount of moneys covered by the guarantee which was outstanding at the end of that year.

(3) Moneys paid by the Minister for Finance under a guarantee under this section shall be repaid to him or her (with interest thereupon at such rate or rates as he or she appoints) by the Agency within such period from the date of the advance of the moneys out of the Central Fund as may be specified by that Minister after consultation with the Agency.

(4) Where the whole or any part of moneys required by subsection (3) to be repaid to the Minister for Finance has not been paid in accordance with that subsection, the amount so remaining outstanding shall be repaid, at such times as the Minister for Finance shall determine, to the Central Fund out of moneys provided by the Oireachtas.

(5) Notwithstanding the provisions of moneys under subsection (4) to repay the amount to the Central Fund, the Agency shall remain liable to the Minister for Finance in respect of that amount, and that amount (with interest thereon at such rate or rates as the Minister for Finance appoints) shall be repaid to him or her by the Agency at such times and in such instalments as he or she appoints.

(6) Moneys paid by the Agency under subsection (3) or (5) shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance thinks fit.