Borrowing Powers of Certain Bodies Act, 1996

Borrowing limit of ACC Bank plc.

9.—The Agricultural Credit Act, 1978 , is hereby amended in section 12 (which relates to the borrowing powers of ACC Bank plc) by the substitution for subsection (1) (inserted by section 1 of the ACC Bank Act, 1994 ) of the following subsection:

“(1) The Corporation may (subject to such conditions and limitations on amounts as the Minister, after consultation withthe Central Bank, may determine) raise or borrow money (including money in a currency other than the currency of the State) in any manner it thinks fit:

Provided that the amount of money raised or borrowed and outstanding at any one time shall not exceed £2,400,000,000.”