The Public Works Loans (Fees) (Amendment)Regulations 1997

Statutory Instruments

1997 No. 985

LOCAL LOANS

The Public Works Loans (Fees) (Amendment)Regulations 1997

Made

19th March 1997

Laid before Parliament

20th March 1997

Coming into force

16th April 1997

The Treasury, in exercise of the powers conferred on them by section 2(3) of the Local Authorities Loans Act 1945(1), and of all other powers enabling them in that behalf, and after consultation with the Public Works Loans Commissioners, hereby make the following Regulations:—

1.  These Regulations may be cited as the Public Works Loans (Fees) (Amendment) Regulations 1997 and shall come into force on 16th April 1997.

2.  Regulation 3(2) of the Public Works Loans (Fees) Regulations 1991(2) shall be amended by the substitution of “£70” for “£25”.

Patrick McLoughlin

Roger Knapman

Two of the Lords Commissioners of Her Majesty’s Treasury

19th March 1997

Explanatory Note

(This note is not part of the Regulations)

These Regulations further amend the Public Works Loans (Fees) Regulations 1991 by increasing the fee for the advance of one category of loan secured solely on the revenues of the borrower. Hitherto, a fee of £25 has been charged in respect of the advance of a fixed rate loan where this is coupled with the premature repayment of a variable rate loan (and effectively represents the conversion of a loan from one at a variable rate into one at a fixed rate). These Regulations increase that fee to £70 (the same as that charged, under regulation 3(2A) of the 1991 Regulations, on the conversion of a fixed rate loan to a variable rate loan).

(1)

1945 c. 18.

(2)

S.I. 1991/1539, amended by S.I. 1992/1566.