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Power of Minister to give guarantees in accordance with Ukraine credit guarantee scheme
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5. The Act of 2012 is amended by the insertion of the following section after section 4A:
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“4B. (1) In the case of a credit guarantee scheme made to facilitate the provision of financial products to participating enterprises in response to the economic difficulties resulting from the aggression against Ukraine by Russia (in this Act referred to as a ‘Ukraine credit guarantee scheme’)—
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(a) any guarantee given pursuant to an agreement entered into by the Minister under section 4 in accordance with that scheme shall not, with respect to any Ukraine qualifying finance agreement, have a duration greater than 6 years from the date on which such qualifying finance agreement was entered into, and
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(b) any Ukraine qualifying finance agreement shall be entered into on or before the 31st day of December 2024.
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(2) The Minister shall not exercise the powers conferred on him or her by section 4 in accordance with a Ukraine credit guarantee scheme in such manner as would result in the aggregate of all credit amounts in respect of all Ukraine qualifying finance agreements exceeding €1.2 billion.
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(3) The Minister shall not exercise the powers conferred on him or her by section 4 in accordance with a Ukraine credit guarantee scheme in such manner as would result in the aggregate of the Minister’s liability in respect of all Ukraine qualifying finance agreements exceeding €960 million.
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(4) In this section, ‘Ukraine qualifying finance agreement’, in relation to a Ukraine credit guarantee scheme, means a qualifying finance agreement to which a guarantee given under section 4 in accordance with that scheme applies.”.
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