Government of Wales Act 2006

Powers to lend money U.K.

11 (1) This paragraph applies where a power to lend money (including a power conferred by or by virtue of an Act passed after this Act) is transferred to the Welsh Ministers by an Order in Council under section 58; but subject to any provision to the contrary in the Order in Council. U.K.

(2) Sub-paragraph (3) applies to any sums which, for the purpose or as a result of the exercise of the power, would be required (apart from that sub-paragraph)—

(a) to be issued by the Treasury out of the National Loans Fund, or

(b) to be paid into that Fund.

(3) Those sums are instead—

(a) to be charged on the Welsh Consolidated Fund, or

(b) to be paid into that Fund.

(4) The following provisions apply where—

(a) the power was exercised by a Minister of the Crown before the transfer, and

(b) the sums required for the exercise of the power were issued by the Treasury out of the National Loans Fund.

(5) Any amount payable by way of repayment of, or of interest on, the loan is to be paid to the Welsh Ministers and into the Welsh Consolidated Fund (instead of to the Minister of the Crown and into the National Loans Fund).

(6) Amounts equal to those which are to be received by the Welsh Ministers in repayment of principal are to be treated as being loans made to the Welsh Ministers by the Secretary of State on the date of the transfer.

(7) Such loans are to be repaid to the Secretary of State at such times and by such methods, and interest is to be paid to the Secretary of State at such rates and at such times, as the Treasury may from time to time determine.

(8) Sums required to be paid to the Secretary of State under sub-paragraph (7) are to be charged on the Welsh Consolidated Fund.

(9) Sums received by the Secretary of State under sub-paragraph (7) are to be paid into the National Loans Fund.

Commencement Information

I1 This provision in force immediately after "the 2007 election" by s. 161(1) (subject to s. 161(4)(5))