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Borrowing by Board and subsidiaries.
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19.— (1) Subject to subsection (2), the Board or a subsidiary may raise or borrow money (including money in a currency other than the currency of the State) for the purpose of performing its functions.
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(2) Subject to subsection (3), the aggregate at any one time of moneys raised or borrowed under this section by the Board and subsidiaries shall not exceed 10 per cent of the total premium charged in the preceding financial year by the Board.
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(3) The aggregate referred to in subsection (2) shall not include moneys raised or borrowed for the purposes of acquiring a fund greater than the minimum guarantee fund that the Board is required to possess pursuant to Regulation 13(1)(b) of the Regulations of 1994 to enable it to make an application for the grant to the relevant subsidiary of an authorisation (within the meaning of those Regulations) to carry on the business of non-life insurance.
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(4) For the purposes of this section, moneys raised or 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 raised or borrowed, as the case may be, such equivalent being calculated according to the rate of exchange at the time of the raising or borrowing, as the case may be, for that currency and the currency of the State.
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(5) A State guarantee shall not be provided to enable the Board or a subsidiary to raise or borrow money under this section or under any other provision of the Voluntary Health Insurance Acts 1957 to 2008.
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