Borrowing Powers of Certain Bodies Act, 1996
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Calculation of borrowing limits and guarantees. |
7.—(1) In calculating either or both the borrowings and guarantees of any body which are subject to a limit imposed by or under statute, the capital value of any transaction to which section 3 relates, including the capital value of any such transaction or any part of any such transaction in a currency other than the currency of the State, shall be counted as part of either or both the borrowings and guarantees of that body, as the case may be. | |
(2) For the purposes of any calculation to which subsection (1) relates, the equivalent in the currency of the State of the amount of any borrowings in a currency other than the currency of the State shall be calculated at the appropriate rate of exchange prevailing— | ||
(a) in the case of any such borrowings, at the time of the borrowing, and | ||
(b) in the case of any guarantee, at the time of the giving of that guarantee. |