- Latest available (Revised)
- Point in Time (23/10/1991)
- Original (As enacted)
Version Superseded: 27/07/1995
Point in time view as at 23/10/1991. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
There are currently no known outstanding effects for the Export and Investment Guarantees Act 1991, Section 6.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)The aggregate amount of the Secretary of State’s commitments at any time under arrangements relating to exports and insurance shall not exceed—
(a)in the case of commitments in sterling, £35,000 million, and
(b)in the case of commitments in foreign currency, 15,000 million special drawing rights.
(2)In subsection (1) above, “arrangements relating to exports and insurance” means—
(a)arrangements under section 1 or 2 of this Act, other than arrangements for giving grants or arrangements under section 1(3), and
(b)arrangements under the old law, other than arrangements for giving grants.
(3)The aggregate amount of the Secretary of State’s commitments at any time under section 3 of this Act shall not exceed—
(a)in the case of commitments in sterling, £15,000 million, and
(b)in the case of commitments in foreign currency, 10,000 million special drawing rights.
(4)The Secretary of State may by order increase or further increase—
(a)either of the limits in subsection (1) above by a sum specified in the order not exceeding £5,000 million or, as the case may be, 5,000 million special drawing rights,
(b)either of the limits in subsection (3) above by a sum specified in the order not exceeding £3,000 million or, as the case may be, 2,000 million special drawing rights,
but the Secretary of State shall not in respect of any limit exercise the power on more than three occasions.
(5)For the purposes of this section and section 7 of this Act—
(a)the commitments of the Secretary of State under any arrangements are his rights and liabilities relating to the arrangements,
(b)the amount of any commitments shall be ascertained in accordance with principles determined from time to time by the Secretary of State with the consent of the Treasury,
(c)“foreign currency” means any currency other than sterling, including special drawing rights and any other units of account defined by reference to more than one currency,
(d)whether any commitments are in sterling or foreign currency is to be determined by reference to the currency in which the amount of the commitments is measured (rather than the currency of payment) but, if the commitments are expressed to be subject to a sterling or foreign currency limit, the commitments are to be taken to be in sterling or, as the case may be, foreign currency, and
(e)the equivalent in special drawing rights of the amount of any commitments in foreign currency shall be ascertained at intervals determined from time to time by the Secretary of State with the consent of the Treasury and in accordance with principles so determined.
(6)A determination under subsection (5)(e) above may provide for leaving out of account for the purposes of the limit in subsection (1)(b) or (3)(b) above any amount by which the limit would otherwise be exceeded to the extent that the amount is attributable to—
(a)a revaluation of commitments under subsection (5)(e) above, or
(b)the fulfillment of an undertaking which, had it been fulfilled when given, would not have caused the limit to be exceeded.
(7)Any power to make an order under this section is exercisable only with the consent of the Treasury.
Commencement Information
I1S. 6 wholly in force at 23.10.1991 see s. 15(6) and S.I. 1991/2430, art. 2
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: