Health and Social Care Act 2012 (c. 7)

PART 3 U.K. Regulation of health and adult social care services

CHAPTER 6 E+W Financial assistance in special administration cases

Supplementary E+W

145 Borrowing E+W

(1) Monitor may—

(a) borrow from a deposit-taker such sums as it may from time to time require for exercising its functions under this Chapter;

(b) give security for sums that it borrows.

(2) But Monitor may not borrow if the effect would be—

(a) to take the aggregate amount outstanding in respect of the principal of sums borrowed by it over such limit as the Secretary of State may by order specify, or

(b) to increase the amount by which the aggregate amount so outstanding exceeds that limit.

(3) In this section, “deposit-taker” means—

(a) a person who has permission under [F1 Part 4A] of the Financial Services and Markets Act 2000, F2 ...

F2 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) The definition of “deposit-taker” in subsection (3) must be read with—

(a) section 22 of the Financial Services and Markets Act 2000,

(b) any relevant order under that section, and

(c) Schedule 2 to that Act.

Textual Amendments

F1 Words in s. 145(3)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 137 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F2 S. 145(3)(b) and word omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 43 (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)

Commencement Information

I1 S. 145 partly in force; s. 145 in force for specified purposes at Royal Assent, see s. 306(1)(d)