Appropriation Act, 1969

Amendment of section 4 of Appropriation Act, 1965.

2.Section 4 of the Appropriation Act, 1965 , is hereby amended, with effect as from the passing of that Act, by the substitution of the following subsection for subsection (2):

“(2) (a) The amount to be paid into the Exchequer in respect of any borrowing effected under this section shall be the amount of currency of the State obtained when the sum borrowed is converted into currency of the State.

(b) The Minister for Finance shall effect the conversion forthwith or at any time within one year from the borrowing which he considers proper and, pending conversion, he may place the sum borrowed on deposit outside the State.

(c) Annual finance accounts under section 2 of the Public Revenue and Consolidated Fund Charges Act, 1854 , shall include a statement of any sums standing placed on deposit under this subsection at the close of the financial year.

(d) For the purposes of the borrowing powers of the Minister for Finance, the amount to be taken as borrowed in the case of a borrowing effected under this section shall be the amount paid into the Exchequer.”