Part 1The Homes and Communities Agency
Chapter 3Financial provision
Borrowing powers of the HCA
I122Guarantees by the Secretary of State
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.