Credit Guarantee (Amendment) Act 2022
What is this act about?
This law allows the Minister for Enterprise, Trade and Employment to provide guarantees for loans under a new "Ukraine credit guarantee scheme" to help businesses affected by the economic difficulties caused by the aggression against Ukraine by Russia. It also sets financial limits for this scheme and expands the types of businesses that can benefit.
Who it applies to: The Minister for Enterprise, Trade and Employment; Enterprises seeking financial products in response to economic difficulties resulting from the aggression against Ukraine by Russia.
Deadlines:
- Guarantees under the Ukraine credit guarantee scheme cannot last longer than 6 years from the date the finance agreement was made.
At a glance
- Country
- Ireland
- Area of law
- Labour law
- Articles
- 8
- Source
- irishstatutebook.ie
- Text retrieved
- Explanation updated
What does this act regulate?
- The giving of guarantees by the Minister for Enterprise, Trade and Employment under the Credit Guarantee Act 2012.
- The creation of a new "Ukraine credit guarantee scheme" to address economic difficulties.
- Monetary limits on the potential liability of the Minister for this new scheme.
- The classes of enterprise that can apply for this credit guarantee scheme.
Who does this act apply to?
- The Minister for Enterprise, Trade and Employment.
- Enterprises seeking financial products in response to economic difficulties resulting from the aggression against Ukraine by Russia.
What are the key points?
- Guarantees under the Ukraine credit guarantee scheme cannot last longer than 6 years from the date the finance agreement was made.
- Qualifying finance agreements under this scheme must be entered into on or before 31st December 2024.
- The total amount of credit guaranteed under the Ukraine credit guarantee scheme cannot exceed €1.2 billion.
- The Minister's total liability for all Ukraine qualifying finance agreements cannot exceed €960 million.
Labour law
Legal text
Legal text
Credit Guarantee (Amendment) Act 2022 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 2022 Credit Guarantee (Amendment) Act 2022 Credit Guarantee (Amendment) Act 2022 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 38 of 2022 CREDIT GUARANTEE (AMENDMENT) ACT 2022 CONTENTS Section
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Section 7
Section 8
Definition 1. In this Act, “Act of 2012” means the Credit Guarantee Act 2012 .
Amendment of section 1 of Act of 2012 2. Section 1 of the Act of 2012 is amended by the insertion of the following definition: “ ‘Ukraine credit guarantee scheme’ has the meaning assigned to it by section 4B(1).”.
Amendment of section 3 of Act of 2012 3. Section 3 of the Act of 2012 is amended, in subsection (1A), by the insertion of “or a Ukraine credit guarantee scheme” after “Covid-19 credit guarantee scheme”.
Amendment of section 4 of Act of 2012 4. Section 4 of the Act of 2012 is amended— (a) in subsection (1), by the substitution of “sections 4A and 4B,” for “section 4A”, (b) in subsection (2), by the substitution of “sections 4A and 4B,” for “section 4A”, and (c) in paragraph (a) of subsection (4A), by the insertion of “or a Ukraine credit guarantee scheme” after “a Covid-19 credit guarantee scheme”.
Power of Minister to give guarantees in accordance with Ukraine credit guarantee scheme 5. The Act of 2012 is amended by the insertion of the following section after section 4A: “4B. (1) In the case of a credit guarantee scheme made to facilitate the provision of financial products to participating enterprises in response to the economic difficulties resulting from the aggression against Ukraine by Russia (in this Act referred to as a ‘Ukraine credit guarantee scheme’)— (a) any guarantee given pursuant to an agreement entered into by the Minister under section 4 in accordance with that scheme shall not, with respect to any Ukraine qualifying finance agreement, have a duration greater than 6 years from the date on which such qualifying finance agreement was entered into, and (b) any Ukraine qualifying finance agreement shall be entered into on or before the 31st day of December 2024.
Amendment of section 12 of Credit Guarantee (Amendment) Act 2016 6.
Section 12
of the Credit Guarantee (Amendment) Act 2016 is amended— (a) in paragraph (a) of subsection (2), by the insertion of “or a Ukraine credit guarantee scheme” after “Covid-19 credit guarantee scheme”, and (b) by the substitution of the following subsection for subsection (3): “(3) In this section— ‘Covid-19 credit guarantee scheme’ has the same meaning as it has in the Principal Act; ‘Ukraine credit guarantee scheme’ has the same meaning as it has in the Principal Act.”.
Amendment of Loan Guarantee Schemes Agreements (Strategic Banking Corporation of Ireland) Act 2021 7.
Section 2
of the Loan Guarantee Schemes Agreements (Strategic Banking Corporation of Ireland) Act 2021 is amended, in subsection (3), by the substitution of “€180 million” for “€50 million”.
Short title, commencement and collective citation 8. (1) This Act may be cited as the Credit Guarantee (Amendment) Act 2022.
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