Dún Laoghaire Harbour Act, 1994
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Guaranteeing by Minister for Finance of borrowing by Board. |
7.—(1) In relation to borrowings by the Board under section 5 (2), the Minister for Finance, after consultation with 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 the Minister thinks fit, the due repayment by the Board of the principal of any moneys borrowed by the Board or the payment of interest on such moneys or both the repayment of such principal and the payment of such interest, and any such guarantee may include a guarantee of payment of commission and incidental expenses arising in connection with such borrowings. | |
(2) The Minister for Finance shall not so exercise the powers conferred on him or her by this section that the amount, or the aggregate amount, of moneys which he or she may at any one time be liable to pay on foot of any guarantee or guarantees under this section for the time being in force, exceeds £20 million. | ||
(3) For the purpose of calculating the amount of borrowings or other moneys guaranteed by the Minister for Finance under this section by reference to the limit on moneys in subsection (2), the equivalent in the currency of the State of borrowings or other moneys in a foreign currency shall be calculated at the rate of exchange prevailing at the time of the giving of the guarantee for that currency and the currency of the State. | ||
(4) The Minister for Finance shall, as soon as may be after the expiration of every financial year of the Board, 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. | ||
(5) Moneys paid by the Minister for Finance under a guarantee under this section shall be repaid to the Minister for Finance (with interest thereon at such rate or rates as he or she appoints) by the Board within such period from the date of payment by the Minister for Finance as may be specified by him or her after consultation with the Board. | ||
(6) Where the whole or any part of the moneys required by subsection (5) to be repaid to the Minister for Finance has not been repaid in accordance with that subsection, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas. | ||
(7) Notwithstanding the provision of moneys under subsection (6) to repay an amount to the Central Fund, the Board shall remain liable to the Minister for Finance in respect of that amount and that amount (together with interest thereon at such rate or rates as the Minister for Finance appoints) shall be repaid to the Minister for Finance by the Board at such times and in such instalments as he or she appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable by him or her from the Board as a simple contract debt in any court of competent jurisdiction. | ||
(8) In relation to a guarantee under this section in money in a currency other than the currency of the State— | ||
(a) each of the references to principal, each of the references to interest and the reference to commission and incidental expenses in subsection (1) shall be taken as referring to the equivalent in the currency of the State of the actual principal, the actual interest or, the actual commission and incidental expenses, as may be appropriate; | ||
(b) the reference to the amount of moneys in subsection (4) (c) shall be taken as referring to the equivalent in the currency of the State of the actual amount of moneys, such equivalent being calculated according to the rate of exchange prevailing for the time being for that currency and the currency of the State; | ||
(c) each of the references to moneys in subsections (5) to (7) shall be taken as referring to the cost in the currency of the State of the actual moneys. |