Government of Wales Act 1998

87 National Loans Fund lending

(1) This section applies where—

(a) a power of a Minister of the Crown to lend money is transferred to the Assembly by an Order in Council under section 22, and

(b) any sums required for the exercise of the power are issued out of the National Loans Fund.

(2) The rate of interest on any loan made by the Assembly in the exercise of the power shall be not less than the lowest rate determined by the Treasury under section 5 of the [1968 c. 13.] National Loans Act 1968 in respect of similar loans made out of the National Loans Fund on the day the loan is made.

(3) The provision for the issue of the sums shall, so far as relating to the issue of sums required for the exercise of the power by the Assembly, have effect as provision for the issue of the sums to the Secretary of State and for imposing a duty on him to pay them to the Assembly.

(4) If, before the power is transferred, any repayment of, or payment of interest on, any loan made in the exercise of the power is required to be made to a Minister of the Crown for payment by him into the National Loans Fund, any such repayment or payment made after the transfer shall be made to the Assembly and the Assembly shall then pay it to the Secretary of State for payment by him into that Fund.

(5) Subsection (4) applies in relation to loans made, before the transfer, by the Minister of the Crown as well as to loans made, after the transfer, by the Assembly.