Turf Development Act, 1998

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Borrowing by Company and subsidiaries.

22.— (1) (a) Subject to the consent of the Minister and the Minister for Finance, the Company or a subsidiary may, whether on the security of its assets or otherwise, borrow money (including money in a currency other than the currency of the State).

(b) Subject to subsection (2), the aggregate at any time of borrowings under paragraph (a) (other than borrowings from the Company or a subsidiary) shall not exceed £100 million.

(2) The Company or a subsidiary may borrow money temporarily (including money in a currency other than the currency of the State) but the aggregate at any time of such borrowings (other than borrowings from the Company or a subsidiary) shall not exceed such amount as may be specified by the Minister with the consent of the Minister for Finance.

(3) For the purposes of this section moneys borrowed in a currency other than the currency of the State shall be deemed to be the equivalent in the currency of the State of the actual moneys borrowed, such equivalent being calculated according to the rate of exchange at the time of such borrowing for that currency and the currency of the State.