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

I move amendment No. 21:

In page 10, to delete lines 31 to 54 and in page 11, to delete lines 1 and 2 and substitute the following:13.—(1) (a) In relation to borrowings by the Board under section 12, the Minister for Finance, after consultation with the Minister, may 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 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.

(b) In relation to borrowings by the subsidiary under section 12, the Minister for Finance, after consultation with the Minister, may 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 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.

(2) Where a guarantee under this section is or has been given, the Board or the subsidiary, as may be appropriate, shall, if the Minister for Finance so requires, give to him or her such security (including debentures) as may be specified in the requirement for the purpose of securing to the Minister for Finance the repayment of any money which he or she may be liable to pay or has paid under the guarantee.

(3) The Minister for Finance shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out with respect to each guarantee under this section given during that year or given at any time before, and in force on, the commencement of that year—

(a) particulars of the guarantee,

(b) in case any payment has been made by him or her under the guarantee before the end of that year, the amount of the payment and the amount (if any) repaid to him or her on foot of the payment, and

(c) the amount of money covered by the guarantee which was outstanding at the end of that year.

(4) (a) Money paid by the Minister for Finance under a guarantee to which paragraph (a) of subsection (1) applies shall be repaid to the Minister for Finance

(with interest thereon at such rate or rates as he or she appoints) by the Board within such period from the date of payment by the Minister for Finance as may be specified by him or her after consultation with the Board.

(b) Money paid by the Minister for Finance under a guarantee to which paragraph (b) of subsection (1) applies shall be repaid to the Minister for Finance (with interest thereon at such rate or rates as he or she appoints) by the subsidiary within such period from the date of payment by the Minister for Finance as may be specified by him or her after consultation with the subsidiary.

(5) Where the whole or any part of the money required by subsection (4) to be repaid to the Minister for Finance has not been repaid in accordance with that subsection, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.

(6) Notwithstanding the provision of money under subsection (5) to repay an amount to the Central Fund, the Board or the subsidiary, as the case may be, shall remain liable to the Minister for Finance in respect of that amount and that amount (together with interest thereon at such rate or rates as the Minister for Finance appoints) shall be repaid to the Minister for Finance by the Board or the subsidiary, as may be appropriate, at such times and in such instalments as he or she appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable by him or her from the Board or the subsidiary, as may be appropriate, as a simple contract debt in any court of competent jurisdiction.

(7) In relation to a guarantee under this section in money in a currency other than the currency of the State—

(a) each of the references to principal, each of the references to instalments or other amounts of money, each of the references to interest and the reference to commission and incidental expenses in subsection (1) shall be taken as referring to the equivalent in the currency of the State of the actual principal, the actual instalments or other amounts of money, the actual interest or the actual commission and incidental expenses, as may be appropriate,

(b) the reference to the amount of money in paragraph (c) of subsection (3) shall be taken as referring to the equivalent in the currency of the State of the actual amount of money, such equivalent being calculated according to the rate of exchange for the time being for that currency and the currency of the State, and

(c) each of the references to money in subsections (4), (5) and (6) shall be taken as referring to the cost in the currency of the State of the actual money."

Where provision is included in legislation for a guarantee or borrowings by the Minister for Finance this amendment provides that moneys required by the Minister for Finance to meet any sums payable under section 13 be provided from the central fund. It provides that the Minister may borrow using the security of the central fund and may create and issue securities bearing interest and pay all borrowed sums to the Exchequer.

I apologise. I have read the note to the wrong amendment.

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