Housing Finance Agency (Amendment) Act, 1985

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Number 20 of 1985

HOUSING FINANCE AGENCY (AMENDMENT) ACT, 1985

ARRANGEMENT OF SECTIONS

Number 20 of 1985

HOUSING FINANCE AGENCY (AMENDMENT) ACT, 1985

AN ACT TO AMEND THE HOUSING FINANCE AGENCY ACTS, 1981 AND 1982. (10th December, 1985]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Definitions.

1.—In this Act—

“the Act of 1982” means the Housing Finance Agency (Amendment) Act, 1982 ;

“the Principal Act” means the Housing Finance Agency Act, 1981 .

Amendment of section 10 of Principal Act.

2.—Section 10 of the Principal Act (as amended by the Act of 1982) is hereby amended by—

(a) the insertion of the following subsection after subsection (1):

“(1A) The Agency may, with the consent of the Minister and the Minister for Finance, raise money (including money in a currency other than the currency of the State) by the making of promissory notes or the drawing or accepting of bills of exchange.”,

(b) the substitution in subsection (3) of “£500,000,000” for “£200,000,000”, and

(c) the substitution of the following subsection for subsection (4):

“(4) For the purposes of this section, moneys borrowed or raised 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 or raised, such equivalent being calculated according to the rate of exchange for that currency and the currency of the State at the time such moneys were borrowed or raised, as the case may be.”.

Amendment of section 11 of Principal Act.

3.—Section 11 of the Principal Act (as amended by the Act of 1982) is hereby amended by—

(a) the substitution of the following subsection for subsection (1):

“(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—

(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

(b) the due payment of a promissory note made by the Agency or a bill of exchange drawn or accepted by the Agency,

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

(b) the substitution in subsection (7) of the following paragraph for paragraph (a):

“(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,”.

Short title, collective citation and construction.

4.—(1) This Act may be cited as the Housing Finance Agency (Amendment) Act, 1985.

(2) The Housing Finance Agency Acts, 1981 and 1982, and this Act may be cited together as the Housing Finance Agency Acts, 1981 to 1985, and shall be construed together as one Act.