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Guaranteeing by Minister of participation by Central Bank in Substitution Agreement.
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9.—(1) The Minister may guarantee, in such form and manner and on such terms and conditions as he or she thinks fit, either or both the payment to the Central Bank of the principal of and any interest on, any money advanced by the Central Bank under the terms of the Substitution Agreement.
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(2) Any payment or payments made by the Minister to the Central Bank under this section shall be calculated by reference to any amounts which the Central Bank is obliged to pay under the terms of the Substitution Agreement less any commission received by the Central Bank under the terms of this agreement.
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(3) The amount of the guarantee under this section shall not exceed the equivalent in the currency of the State of the total of:
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(a) the amount of principal, being US$50 million, set against the name of the Central Bank in the Second Schedule to the Substitution Agreement, and
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(b) the proportionate share of the Central Bank of all unpaid interest under the BIS Facility.
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(4) In calculating the amount of money guaranteed by the Minister under this section, the equivalent in the currency of the State of principal and interest in US dollars shall be calculated at the rate of exchange for the US dollar and the currency of the State, as applies on the date or dates on which the Central Bank is substituted for the BIS under the Substitution Agreement.
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(5) All moneys from time to time required by the Minister to meet sums which may become payable by him or her under this section shall be advanced out of the Central Fund or the growing produce thereof.
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(6) Money paid by the Minister under the guarantee under this section together with such interest as is payable under the Substitution Agreement shall be repaid to him or her as and when such moneys are recovered by the Central Bank.
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(7) Where the whole or any part of the money required by subsection (6) to be repaid to the Minister has not been repaid in accordance with that subsection as soon as may be after the date of the advance, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.
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(8) Notwithstanding the provisions of subsection (7), the Central Bank shall have a continuing obligation to use all reasonable means, in conjunction with other participating Central Banks under the Substitution Agreement, to recover any sums paid by the Central Bank under the Substitution Agreement.
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(9) Moneys paid by the Central Bank to the Minister under subsection (6) shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister thinks fit.
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(10) The Minister 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 the guarantee under this section:
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(a) particulars of the guarantee,
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(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,
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(c) the amount of money covered by the guarantee which was outstanding at the end of that year, and
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(d) an account of any means employed by the Central Bank, singly or in conjunction with other participating Central Banks under the Substitution Agreement, in order to recover any sums paid by the Central Bank under the Substitution Agreement.
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(11) This section shall come into effect on the date of the participation of the Central Bank in the Substitution Agreement or the date of commencement of this Act, whichever is the later.
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