40Power of Secretary of State to give financial assistanceE+W
(1)The Secretary of State may give financial assistance to any NHS foundation trust.
(2)The financial assistance may be given by way of loan, public dividend capital, grant or other payment.
(3)The Secretary of State may guarantee the payment of any amount payable by an NHS foundation trust under an externally financed development agreement.
(4)“Externally financed development agreement” has the same meaning as in paragraph 23 of Schedule 4, reading references in sub-paragraphs (3) and (5) of that paragraph to the NHS trust as references to the NHS foundation trust.
[F1(5)As soon as is practicable after the end of each financial year, the Secretary of State must prepare a report on the exercise of the power under subsection (1).
(6)In relation to each exercise of the power under that subsection during the year to which the report relates, the report must specify the amount of the loan, issue of public dividend capital, grant or other payment and—
(a)in the case of a loan, the amount (if any) outstanding at the end of the year and the other terms on which the loan was made,
(b)in the case of an issue of public dividend capital, the terms on which it was issued (or, where a decision under section 42(3) is made in relation to it during that year, the terms so decided as those on which it is treated as having been issued), and
(c)in the case of a grant or other payment, the terms on which it was made.
(7)In relation to each loan made under that subsection during a previous financial year but not repaid by the beginning of the year to which the report relates, the report must specify—
(a)the amount outstanding at the beginning of the year,
(b)the amount (if any) outstanding at the end of the year, and
(c)the other terms on which the loan was made.
(8)A report under subsection (5) must, in relation to each NHS foundation trust, specify—
(a)the amount of the public dividend capital of that trust at the end of the year to which the report relates, and
(b)the conditions on which it is held.
(9)The Secretary of State must publish a report under subsection (5).]
Textual Amendments
F1S. 40(5)-(9) inserted (1.4.2013 for specified purposes) by Health and Social Care Act 2012 (c. 7), ss. 163(1), 306(4); S.I. 2013/160, art. 2(2) (with arts. 7-9)