Insurance Act, 1953

Export guarantees.

2.—(1) For the purpose of encouraging exports, the Minister, with the consent of the Minister for Finance, may make arrangements for giving to, or for the benefit of, persons carrying on a business or profession in the State guarantees in connection with the export, manufacture, treatment or distribution of goods, the rendering of services or any other matter which appears to the Minister conducive to that purpose.

(2) Arrangements under this section may include agreements with assurance companies for the re-insurance of guarantees given by them.

(3) The aggregate amount of the liability at any time of the Minister for principal moneys in respect of arrangements under this section shall not exceed two million pounds.

(4) Any amount required to meet a liability incurred by the Minister under this section shall be advanced out of the Central Fund or the growing produce thereof and shall be repaid to the Central Fund out of moneys provided by the Oireachtas.

(5) For the purpose of providing money for any advance under this section the Minister for Finance may borrow from any person any sum or sums, and for the purpose of such borrowing he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and shall pay the moneys so borrowed into the Exchequer.

(6) The principal of or any interest on any securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof.

(7) All moneys received by the Minister in pursuance of arrangements made under this section shall be collected and taken in such manner as the Minister for Finance may direct and shall be paid into or disposed of for the benefit of the Exchequer in accordance with the directions of the Minister for Finance.