Financial Services and Markets Act 2023

Consolidated Fund U.K.

157 (1) There is to be paid out of money provided by Parliament expenditure incurred—

(a) by the Treasury, or by the Secretary of State with the consent of the Treasury, in respect of, or in connection with giving, financial assistance to or in respect of a CCP (other than in respect of loans made in accordance with paragraph 158), or

(b) by the Treasury in respect of financial assistance to the Bank in connection with this Schedule.

(2) For the purpose of sub-paragraph (1)(a) expenditure is incurred in respect of financial assistance in respect of CCPs if it is incurred in respect of an activity, transaction or arrangement, or class of activity, transaction or arrangement, which is expected to facilitate any part of the business of one or more CCPs; and for that purpose it does not matter—

(a) whether or not that is the sole or principal expected effect of the activity, transaction or arrangement, or

(b) whether the sole or principal motive for the activity, transaction or arrangement is—

(i) its effect on CCPs,

(ii) its effect on the economy as a whole,

(iii) its effect on a particular industry or sector of the economy, or

(iv) its effect on clearing members of CCPs.

(3) In this paragraph “financial assistance” has the meaning given by paragraph 152 (and regulations under that paragraph may restrict or expand the effect of sub-paragraph (2))

(4) Expenditure which could be paid out of money provided by Parliament under sub-paragraph (1) may be charged on and paid out of the Consolidated Fund if the Treasury are satisfied that the need for the expenditure is too urgent to permit arrangements to be made for the provision of money by Parliament.

(5) Where money is paid in reliance on sub-paragraph (4) the Treasury must as soon as is reasonably practicable lay a report before Parliament specifying the amount paid (but not the identity of the CCP or other institution to or in respect of which it is paid).

(6) If the Treasury think it necessary on public interest grounds, they may delay or dispense with a report under sub-paragraph (5).

Commencement Information

I1 Sch. 11 para. 157 not in force at Royal Assent, see s. 86(3)

I2 Sch. 11 para. 157 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)