Gerald Nash (Louth, Labour) | Oireachtas source

I move amendment No. 26:

In page 11, between lines 20 and 21, to insert the following:“Payment of premium to Minister by participating PFI

13. (1) Subject to this section, the participating PFI shall, in accordance with the counter guarantee scheme, pay to the Minister an amount (in this section referred to as the “premium”) determined by the Minister in accordance with the methodology specified in the scheme for the purposes of making that determination.

(2) The Minister shall, in specifying, in the counter guarantee scheme, the methodology referred to in subsection (1), have regard to—

(a) the expenses referred to in section 15 incurred or likely to be incurred, or both, in relation to the scheme, and

(b) the objectives of the scheme.

(3) The Minister shall, in specifying, in the counter guarantee scheme, the methodology referred to in subsection (1) in so far as the expenses referred to in section 15 are concerned, have regard to—

(a) the size and quality of the qualifying enterprises which may enter into finance agreements with finance providers to which guarantees given by the participating PFI apply and to which counter guarantees given under the scheme may apply,

(b) the risks associated with those qualifying enterprises,

(c) the typical risks associated with the business sector or sectors to which those qualifying enterprises belong, and

(d) the duration of counter guarantees given under the scheme.

(4) The scheme charge may be charged annually, may be paid by one payment or by instalments, and may be paid at such time or times, as may be specified in the counter guarantee scheme.

(5) The Minister shall apply the premium received by him or her from a participating PFI for the purpose only of defraying the costs of the counter guarantee scheme which applies to the participating PFI.”.