(1)The Secretary of State may guarantee—
(a)the repayment of the principal of any sums which the HCA borrows from a person other than the Secretary of State, and
(b)the payment of interest on such sums.
(2)Such a guarantee is to be in such manner, and on such terms and conditions, as the Secretary of State considers appropriate.
(3)The Secretary of State must lay a statement of any such guarantee before Parliament immediately after giving the guarantee.
(4)The Secretary of State must lay before Parliament a statement relating to any sum issued for fulfilling such a guarantee.
(5)A statement under subsection (4) must be laid as soon as possible after the end of each financial year—
(a)beginning with that in which the sum is issued, and
(b)ending with that in which all liability in respect of the principal of the sum guaranteed, and of interest on it, is finally discharged.
(6)In respect of any sums issued in fulfilment of a guarantee given under this section, the HCA must make payments to the Secretary of State—
(a)of such amounts as the Secretary of State may direct in or towards repayment of those sums, and
(b)of interest on what is outstanding in respect of those sums, at such rates as the Secretary of State may direct.
(7)Payments under subsection (6) must be made at such times, and in such manner, as the Secretary of State may direct.
Commencement Information
I1S. 22 in force at 1.12.2008 by S.I. 2008/3068, art. 2(1)(k) (with arts. 6-13)