Fergus O'Dowd (Louth, Fine Gael) | Oireachtas source

I move amendment No. 5:

In page 8, before section 13, to insert the following new section:
"13.--(1) The Minister for Finance may, after consultation with the Minister, guarantee, in such form and manner and in such money (including money in a currency other than the currency of the State) and on such terms and conditions as he or she thinks fit, the due repayment by the Board of the principal of any money borrowed by the Board under section 12 or the due payment of instalments or other amounts of money owed by the Board under a contract entered into by the Board or the payment of interest on any money, instalment or amount or both the repayment of principal or payment of such instalments or amounts, as the case may be, and payment of the interest, and any such guarantee may include a guarantee of payment of commission and incidental expenses arising in connection with such borrowings or such contract.
(2) The Minister for Finance may, after consultation with the Minister, guarantee, in such form and manner and in such money (including money in a currency other than the currency of the State) and on such terms and conditions as he or she thinks fit, the due repayment by the subsidiary of the principal of any money borrowed by the subsidiary under section 12 or the due payment of instalments or other amounts of money owed by the subsidiary under a contract entered into by the subsidiary or the payment of interest on any money, instalment or amount or both the repayment of principal or payment of such instalments or amounts, as the case may be, and payment of the interest, and any such guarantee may include a guarantee of payment of commission and incidental expenses arising in connection with such borrowings or such contract.".

The amendment provides that the Minister for Finance may guarantee the borrowings made by Irish Water or Bord Gáis for the purposes of the Bill. The amendment has been proposed to provide that the Minister may provide a guarantee. The provision of a guarantee of the borrowings of a semi-State company is a common provision included in legislation when we established many other State bodies. The provision provides that the Minister for Finance may after consultation with the Minister for the Environment, Community and Local Government provide a guarantee of the borrowings of Bord Gáis Éireann or Irish Water for borrowings made for the purposes of the Bill.