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Recovery of loans.
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11.—(a) The Minister may by regulations—
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(i) make provision for the repayment of loans made under section 8 of the Principal Act, and the regulations may specify the time or times at which and the instalments in which such repayment is to be made, and
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(ii) with the consent of the Minister for Finance, make provision for the writing off of the whole or part of the amount owing in respect of loans made under section 8 of the Principal Act, if he or she considers that—
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(I) the whole or part, as the case may be, of the debt is irrecoverable,
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(II) the repayment of the whole or the part, as the case may be, would cause undue hardship to the borrower, or
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(iii) with the consent aforesaid write off the whole of the said amount if he or she considers that it is so small that its recovery would be unduly costly.
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(b) A regulation under section 8(3) of the Principal Act that is in force immediately before the passing of this Act shall continue in force as if made under this section, and a reference in any such regulation to the Commissioners shall be construed as a reference to the Minister.
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