(1) Subject to subsection (2) and the consent of the Minister and the Minister for Public Expenditure and Reform, the IANS or a subsidiary may, whether by means of the issue of debentures or otherwise, borrow money (including money in a currency other than the currency of the State) for capital purposes including working capital from persons other than the Minister for Public Expenditure and Reform.

(2) The aggregate at any one time of borrowings under subsection (1) shall not exceed -

(a) such amount as the Minister has, with the consent of the Minister for Public Expenditure and Reform, specified by order, or

(b) if no such amount stands so specified, €127 million.

(3) The IANS or a subsidiary may borrow money (including money in a currency other than the currency of the State) temporarily but the aggregate standing unrepaid at any time of such borrowings shall not exceed such amount as may stand approved for the time being by the Minister and the Minister for Public Expenditure and Reform.

(4) For the purposes of this section, moneys borrowed 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, such equivalent being calculated at the rate of exchange prevailing at the time of the borrowing for that currency and the currency of the State.