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Amendment of section 11 of Principal Act.
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3.—Section 11 of the Principal Act (as amended by the Act of 1982) is hereby amended by—
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(a) the substitution of the following subsection for subsection (1):
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“(1) 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 thinks fit—
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(a) the due repayment by the Agency of the principal of any moneys borrowed by the Agency of the payment of the interest on such moneys, or both the repayment of such principal and the payment of such interest, and
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(b) the due payment of a promissory note made by the Agency or a bill of exchange drawn or accepted by the Agency,
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and any such guarantee may include a guarantee of the payment by the Agency of commission and incidental expenses arising in connection with such borrowing, promissory note or bill of exchange.”, and
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(b) the substitution in subsection (7) of the following paragraph for paragraph (a):
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“(a) each of the references to principal or interest and the reference to commission and incidental expenses in subsection (1), and the reference to a promissory note or bill of exchange in paragraph (b) thereof, shall be taken as referring to the equivalent in the currency of the State of the actual amount of such principal, interest, commission and incidental expenses, promissory note or bill of exchange, as the case may be, such equivalent being calculated according to the cost in the currency of the State of such amount at the time the calculation is made,”.
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