asked the Minister for Finance the basis for contracting and paying interest on the 9 per cent Algemene Bank Nederland Loan; and if approval is necessary for obtaining a further such loan.
Written Answers. - Foreign Bank Loan.
469.
The Finance Act, 1970, as amended, and the Appropriation Act, 1965, as amended, are the statutory basis for contracting and paying interest on the 9 per cent Algemene Bank Nederland Loan, which was negotiated in 1974. Section 54 of the Finance Act, 1970, as amended by section 6 of the Finance (No. 2) Act, 1970 and section 49 of the Finance Act, 1978 empowers the Minister for Finance to borrow money for the Exchequer on such terms and conditions as he thinks fit. Under section 4 of the Appropriation Act, 1965 as amended by section 2 of the Appropriation Act, 1969 the Minister for Finance may, for the purpose of any borrowing authorised by any Act passed either before or after the 1965 Act, borrow in a currency other than the currency of the State.
As the 1970 Act cited above confers general borrowing powers on the Minister for Finance, Dáil approval is not required for any specific loan.