In short
This law amends the State Guarantees Act, 1954, primarily to allow for state guarantees in foreign currencies and to increase a specific financial limit for Aer Lingus, Teoranta.
What it regulates
- The ability of the State to provide guarantees in currencies other than the currency of the State.
- How the value of guarantees made in foreign currencies is calculated for reporting purposes.
- The financial limit for guarantees related to Aer Lingus, Teoranta.
Who it concerns
- The State, as the guarantor.
- Entities receiving state guarantees, such as Aer Lingus, Teoranta.
Key points
- The Principal Act (State Guarantees Act, 1954) is amended to allow guarantees in "moneys in a currency other than the currency of the State".
- When a guarantee is in a foreign currency, references to principal in the Principal Act are taken as the equivalent in the currency of the State, calculated at the exchange rate at the time the guarantee was given.
- References to moneys in sections 5 and 6(1) of the Principal Act, for foreign currency guarantees, refer to the cost in the currency of the State of the actual moneys.
- The financial limit for Aer Lingus, Teoranta in the Schedule to the Principal Act is increased from £5,000,000 to £6,000,000.
📄 Legal text
State Guarantees (Amendment) Act, 1964
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1964
State Guarantees (Amendment) Act, 1964
State Guarantees (Amendment) Act, 1964
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Number 36 of 1964.
STATE GUARANTEES (AMENDMENT) ACT, 1964
ARRANGEMENT OF SECTIONS
Section
1.
Principal Act.
2.
Amendment of section 2 of Principal Act.
3.
Amendment of sections 3, 5 and 6 of Principal Act.
4.
Amendment of Schedule to Principal Act.
5.
Short title and collective citation.
Acts Referred to
State Guarantees Act, 1954
1954, No. 9.
State Guarantees (Amendment) Act, 1964
S.I. No. 185 of 1964
.
Number 36 of 1964.
STATE GUARANTEES (AMENDMENT) ACT, 1964
AN ACT TO AMEND AND EXTEND THE
STATE GUARANTEES ACT, 1954
. [22nd December, 1964.]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—
Principal Act.
1.—In this Act “the Principal Act” means the
State Guarantees Act, 1954
.
Amendment of section 2 of Principal Act.
2.—Subsection (1) of section 2 of the Principal Act is hereby amended by the insertion after “in such form and manner” of “and in such moneys (including moneys in a currency other than the currency of the State)”.
Amendment of sections 3, 5 and 6 of Principal Act.
3.—(1) In relation to a guarantee, by virtue of the amendment effected by
section 2
of this Act, in moneys in a currency other than the currency of the State—
(a) each of the references to principal in section 3 of the Principal Act shall be taken as referring to the equivalent in currency of the State of the actual principal, such equivalent being calculated according to the rate of exchange at the time of the giving of the guarantee,
(b) each of the references to moneys in section 5 and subsection (1) of section 6 of the Principal Act shall be taken as referring to the cost in currency of the State of the actual moneys.
(2) Where—
(a) the equivalent in currency of the State of other currency is being calculated pursuant to paragraph (a) of the foregoing subsection, and
(b) the currencies having, at the time specified in that paragraph, par values established under the Articles of Agreement of the International Monetary Fund include the currency of the State and the other currency,
the reference in that paragraph to the rate of exchange at that time shall be taken as referring to the rate of exchange based on those values.
Amendment of Schedule to Principal Act.
4.—The Schedule to the Principal Act is hereby amended by the substitution, for the reference to £5,000,000 which was inserted in the third column in respect of Aer Lingus, Teoranta by the State Guarantees Act, 1954 (Amendment of Schedule) (No. 2) Order, 1964, of a reference to £6,000,000.
Short title and collective citation.
5.—(1) This Act may be cited as the
State Guarantees (Amendment) Act, 1964
.
(2) The Principal Act and this Act may be cited together as the State Guarantees Acts, 1954 and 1964.
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AI explanation based on the official legal text. Indicative, not a substitute for legal advice.