Home Building Finance Ireland Act 2018
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Borrowing by HBFI | ||
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13. (1) Subject to subsection (3), HBFI or any HBFI group entity may from time to time borrow money in any currency. | ||
(2) For the purpose of borrowing, HBFI or any HBFI group entity may create and issue bonds, debentures and other securities, bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as HBFI or the HBFI group entity, as the case may be, thinks fit. | ||
(3) The total aggregate amount of principal which HBFI and any HBFI group entities are at any time liable to repay on foot of any liability incurred as a result of the exercise of a power under this section shall not exceed €750,000,000. | ||
(4) HBFI shall be responsible for the satisfaction of all liabilities it may incur as a result of borrowing under subsection (1). | ||
(5) For the purpose of calculating the total aggregate amount of principal referred to in subsection (3), the equivalent in the currency of the State of borrowings in a currency other than the currency of the State shall be calculated at the rate of exchange prevailing at the time the calculation is made. | ||
(6) For the purposes of subsection (5), where the European Central Bank has published— | ||
(a) a Euro Foreign Exchange Reference Rate, or | ||
(b) a rate expressed by the European Central Bank to replace that rate, | ||
which is applicable to the currency concerned and the time the calculation concerned is made, that rate shall be taken to be the rate of exchange prevailing at that time for that currency. | ||
(7) For the purpose of calculating the total amount of principal referred to in subsection (3), no account shall be taken of money loaned to HBFI or a HBFI group entity in accordance with a direction of the Minister under section 42A (inserted by section 19 ) of the National Treasury Management Agency (Amendment) Act 2014 . |