(1) The Minister may guarantee, in such form and manner and on such terms and conditions as the Minister may sanction, the payment by the Insurance Corporation of any moneys (including moneys in a currency other than the currency of the State) due and payable by it under any insurance policy signed and issued on or before the 15th day of March, 1985 by the Institute of London Underwriters on behalf of the Insurance Corporation or on behalf of the Insurance Corporation and other members of that institute or of any moneys (including moneys in a currency other than the currency of the State) due and payable by the Insurance Corporation to that institute on or before the 15th day of March, 1985.
(2) The Minister shall not so exercise the powers conferred on him by this section that the amount, or the aggregate amount, of moneys which he may at any one time be liable to pay on foot of any guarantee or guarantees under this section for the time being in force, together with the amount of mon
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