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Guarantee of borrowing.
[1961, s. 5; 1972, s. 4.]
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14.—(1) The Minister may guarantee, in such form and manner and in such money (including money in a currency other than the currency of the State) and on such terms and conditions as he thinks fit, the due repayment by the Corporation of the principal of any money raised or borrowed by the Corporation or the payment of interest on such money or both the repayment of the principal and the payment of the interest and any such guarantee may include a guarantee of payment by the Corporation of incidental expenses arising in connection with the borrowing.
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(2) The Minister shall not so exercise the powers conferred by subsection (1) that the amount, or the aggregate amount, of principal which he may at any one time be liable to pay on foot of any guarantee or guarantees under that subsection for the time being in force, together with the amount of principal (if any) which the Minister has previously paid on foot of any such guarantees and which has not been paid by the Corporation to the Minister, exceeds £350,000,000.
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(3) Where a guarantee under this section is or has been given, the Corporation shall, if the Minister so requires, give to him such security as he may specify for the purpose of securing to the Minister the repayment of any money which he may be liable to pay or has paid under the guarantee.
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(4) The Minister 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—
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(a) particulars of the guarantee,
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(b) in case any payment has been made by the Minister under the guarantee before the end of that year, the amount of the payment and the amount (if any) repaid to the Minister 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) Money paid by the Minister under a guarantee under this section shall be repaid to the Minister (with, if the Minister so requires, interest thereon at such rate or rates as the Minister specifies) by the Corporation within two years from the date of payment by the Minister.
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(6) Where the whole or part of money required by subsection (5) to be repaid to the Minister has not been repaid in accordance with that subsection, the amount so remaining outstanding shall be repaid to the Central Fund out of money provided by the Oireachtas.
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(7) Notwithstanding the provision of money under subsection (6) to repay the amount to the Central Fund, the Corporation shall remain liable to the Minister in respect of that amount and that amount (with, if the Minister so requires, interest thereon at such rate or rates as the Minister specifies) shall be repaid to the Minister by the Corporation at such times and in such instalments as the Minister specifies and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable as a simple contract debt in any court of competent jurisdiction.
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(8) In relation to a guarantee under this section in money in a currency other than the currency of the State—
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(a) each of the references to principal in subsections (2) and (4) shall be taken as referring to the equivalent in the currency of the State of the actual principal, such equivalent being calculated according to the rate of exchange at the time of the giving of the guarantee,
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(b) the reference to money in subsection (5) shall be taken as referring to the cost in the currency of the State of the actual money paid.
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