Seanad debates

Tuesday, 17 December 2002

National Development Finance Agency Bill, 2002: Second Stage.

 

Section 7 provides that the Minister for Finance may guarantee the due repayment, by the agency or any companies formed under section 5, of the principal of any money raised and/or the payment of interest on such money by the agency. The combined net aggregate of the principal of all money guaranteed and outstanding cannot exceed €5 billion. The Minister for Finance must give the Houses of the Oireachtas an annual statement with respect to each guarantee setting out particulars of the guarantee, payments made by him under the guarantee, the amount, if any, repaid to him on foot of such payments and the amount of the guarantee outstanding at the end of the year in question. Any money paid by the Minister for Finance under a guarantee must be repaid to the Minister by the agency or any company within two years from the date the money is advanced from the Central Fund.

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