(1)Each new Agency shall be entitled to borrow in accordance with the following provisions of this section, but not otherwise.
(2)Subject to subsection (5) below, each new Agency may—
(a)with the consent of the appropriate Minister, and
(b)[F1in the case of the Agency only] with the approval of the Treasury,
borrow temporarily in sterling, by way of overdraft or otherwise, from persons other than the appropriate Ministers, such sums as it may require for meeting its obligations and carrying out its functions.
(3)Subject to subsection (5) below, each new Agency may borrow from the appropriate Minister, by way of temporary loan or otherwise, such sums in sterling as it may require for meeting its obligations and carrying out its functions.
(4)Any consent under subsection (2)(a) above may be granted subject to conditions.
(5)The aggregate amount outstanding in respect of the principal of sums borrowed under this section by a new Agency shall not at any time exceed—
(a)in the case of the Agency, £100 million or such greater sum, not exceeding £160 million, as the Ministers may by order specify; or
(b)in the case of SEPA, £5 million or such greater sum, not exceeding £10 million, as the Secretary of State may by order specify.
(6)The power to make an order under subsection (5) above shall be exercisable by statutory instrument; but no order shall be made under that subsection unless a draft of the order has been laid before, and approved by a resolution of, the House of Commons.
Extent Information
E1This version of this provision extends to England and Wales only; a separate version has been created for Scotland only
Textual Amendments
F1Words in s. 48(2) inserted (1.7.1999) by S.I. 1999/1820, arts. 1(2), 4, Sch. 2 Pt. I para. 120(4)(a); S.I. 1998/3178, art. 3