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| | Wednesday 23rd January 2008 |
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| | Sale of Student Loans bill, As Amended
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| | | Student debt interest rate |
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| | To move the following Clause:— |
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| | | ‘In section 22(4)(a) of the Teaching and Higher Education Act 1998 (c.30) (new |
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| | | arrangements for giving financial support to students) for subparagraph (i) |
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| | | “(i) | shall be calculated on the basis of the percentage increase |
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| | | between the harmonised index of consumer prices published by |
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| | | the Office for National Statistics published in March of the |
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| | | current year and that index so published for March of the |
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| | | Application of income from sale of rights to repayments of student loans |
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| | To move the following Clause:— |
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| | | ‘The Secretary of State shall by regulations make provision for making payments |
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| | | to support students in higher education equal to the amount of the sums paid into |
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| | | the Consolidated Fund in consequence of the sale of rights to repayments of |
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| | Page 2, line 6 [Clause 1], at end insert— |
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| | | ‘(4A) | Transfer arrangements may not confer on the purchaser the right to alter the |
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| | | repayment terms of sold debts.’. |
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| | Page 2, line 11 [Clause 1], at end insert— |
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| | | ‘(6A) | Transfer arrangements may not be made with an organisation underwritten by the |
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| | Page 2, line 13 [Clause 1], at end insert— |
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| | | ‘(8) | In advance of entering into transfer arrangements the Secretary of State shall— |
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| | | (a) | examine the prevailing market conditions and ensure that a competitive |
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| | | market for the loans has been generated; |
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| | | (b) | provide the market with full information about the loan book in order that |
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| | | the assets can be efficiently valued; |
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| | | (c) | ensure that there has been a genuine transfer of risk from the public |
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| | | accounts to the private sector; and |
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| | | (d) | assess the proceeds that look likely to be achieved in the transaction, |
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| | | using full and clear market information and a comparison with keeping |
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| | | the loans on the Government books, in terms of both likely income flows |
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| | | (9) | The Secretary of State shall make a written statement on expenditure incurred in |
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| | | connection with each transfer arrangement.’. |
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| | Page 3, line 22 [Clause 3], leave out ‘may’ and insert ‘shall’. |
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| | Page 3, line 24 [Clause 3], at end insert— |
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| | | ‘(6A) | Transfer arrangements shall—’. |
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| | Page 3, line 29 [Clause 3], at end insert— |
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| | | ‘(d) | include provision to prohibit transfers to another person outside the |
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| | | jurisdiction of the Secretary of State; |
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| | | (e) | prohibit the making of further transfer arrangements under which rights |
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| | | in respect of student loans are transferred to multiple purchasers.’. |
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| | Page 3, line 42 [Clause 4], after ‘reimbursement’, insert ‘by a defaulting |
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| | Page 3, line 42 [Clause 4], after second ‘of’, insert ‘the reasonable’. |
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| | Page 3, line 43 [Clause 4], at end insert ‘in respect of that default by that borrower’. |
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