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Guarantee by Minister for Finance of borrowings by societies.
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87.—(1) The Minister for Finance may, if he so thinks fit, guarantee in such form and manner and on such terms and conditions as he thinks fit the due repayment by a society of the principal of any moneys borrowed by the society (other than deposits accepted under section 22 (3)), or the payment of interest on such moneys, or both the repayment of the principal and the payment of the interest, together with any incidental expenses arising in connection with such borrowings.
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(2) The total amount of the principal remaining outstanding of any moneys the repayment of which is guaranteed under this section shall not exceed £20,000,000.
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(3) Where a guarantee under this section is in force, the society in respect of which it is given shall, if the Minister for Finance so requires, give to him such security as may be specified in the request for the purpose of securing to him the repayment of any moneys which he may be liable to pay or has paid under the guarantee.
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(4) The Minister for Finance shall, as soon as may be after the end of every year, lay before each House of the Oireachtas a statement specifying with respect to each guarantee under this section given during that year, or given at any time before the commencement of that year and in force at such commencement:—
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(a) particulars of the guarantee,
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(b) in case any payment has been made by the Minister for Finance under the guarantee before the end of that year, the amount of the payment and any amount repaid to him on foot of the payment,
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(c) the amount of principal covered by the guarantee which was outstanding at the end of that year.
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(5) All moneys from time to time required by the Minister for Finance to meet sums which may become payable by him under this section shall be advanced out of the Central Fund or the growing produce thereof.
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(6) The Minister for Finance may, for the purpose of providing for the advance of sums out of the Central Fund under this section, borrow on the security of the Central Fund or the growing produce thereof any sums required for that purpose and, for the purpose of such borrowing, may create and issue securities bearing such rate of interest and subject to conditions as to repayment, redemption or otherwise as he thinks fit, and shall pay all moneys so borrowed into the Exchequer.
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(7) The principal of and interest on all securities issued under subsection (6) and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.
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(8) Moneys paid by the Minister for Finance under a guarantee under this section shall be repaid to him (with interest thereon at such rate or rates as he determines) by the society in respect of which the guarantee was given within two years from the date of the advance of the moneys out of the Central Fund.
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(9) Where the whole or any part of moneys required by subsection (8) 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 to the Central Fund out of moneys provided by the Oireachtas.
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(10) Notwithstanding the provision of moneys under subsection (9) to repay the amount to the Central Fund, the society concerned 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 determines) shall be repaid to the Minister for Finance by the society at such times and in such instalments as he determines and, in default of such repayments and without prejudice to any other method of recovery, shall be recoverable as a simple contract debt in a court of competent jurisdiction from the society concerned.
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(11) Moneys paid by a society under subsection (8) or (10) shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance thinks fit.
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(12) The powers conferred by subsections (1) and (2) shall be deemed to authorise the guarantee by the Minister for Finance of any moneys borrowed by a society from a bank since the 18th day of October, 1973.
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