Harbours Act 2015

Power to borrow by transferred company

18. (1) A transferred company or a subsidiary may, with the approval of the local authority chief executive concerned, raise or borrow money (including money in a currency other than the currency of the State) including, by means of the issue of debentures (or other debt security) or otherwise.

(2) A transferred company or a subsidiary may borrow money (including money in a currency other than the currency of the State) temporarily but the aggregate standing unrepaid at any time of such borrowings by a transferred company and a subsidiary or either of them shall not exceed such amount as may stand approved for the time being by the local authority chief executive.

(3) The aggregate at any one time of moneys standing borrowed by a transferred company and a subsidiary or either of them under this section shall not exceed the higher of—

(a) such amount, not exceeding €200,000,000, as the Minister for the Environment, Community and Local Government, with the consent of the Minister for Public Expenditure and Reform and the Minister for Finance, after consultation with the Minister, approves with respect to a particular transferred company or subsidiary, or

(b) 50 per cent of the value of so much of the transferred company’s or subsidiary’s assets, as the case may be, as are treated as fixed assets for the purposes of its accounts.

(4) In respect of borrowings under this section by a transferred company or a subsidiary and for the purposes of paragraph (b) of subsection (3), the Minister for the Environment, Community and Local Government may, with the consent of the Minister for Public Expenditure and Reform and the Minister for Finance, after consultation with the Minister, by order provide for a percentage, other than 50 per cent, to apply, having regard to—

(a) the needs of the transferred company or subsidiary,

(b) the purpose of the borrowing and the ability of the transferred company or subsidiary to make repayments, and

(c) the financial stability generally of the transferred company or subsidiary.