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Amendment of section 23 (power to borrow) of Principal Act.
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9.— Section 23 of the Principal Act is amended—
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(a) in subsection (1) by substituting the following for paragraph (b):
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“(b) The aggregate at any one time of borrowings under paragraph (a) by a company and a subsidiary or either of them shall, subject to subsection (2), not exceed the higher of—
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(i) such amount as the Minister, with the consent of the Minister for Finance, approves with respect to a particular company or subsidiary not exceeding €200,000,000, or
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(ii) 50 per cent of the value of so much of the company’s or subsidiary’s assets as are treated as fixed assets for the purposes of its accounts.”,
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and
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(b) by substituting the following for subsection (2):
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“(2) In respect of a named company or a named subsidiary and for the purposes of paragraph (b) of subsection (1), the Minister may, with the consent of the Minister for Finance, by order provide for a percentage to apply, other than 50 per cent, having regard to—
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(a) the needs of the company or subsidiary,
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(b) the purpose of the borrowing and the ability of the company or subsidiary to make repayments, and
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(c) the financial stability generally of the company or subsidiary.”.
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