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Loans to Ireland Bill


 

Loans to Ireland Bill

 
 

EXPLANATORY NOTES

Explanatory notes to the Bill, prepared by the Treasury, are published separately as

Bill 125—EN.

EUROPEAN CONVENTION ON HUMAN RIGHTS

Mr Chancellor of the Exchequer has made the following statement under section

19(1)(a) of the Human Rights Act 1998:

In my view the provisions of the Loans to Ireland Bill are compatible with the

Convention rights.

 
Bill 125 55/1
 

 


Loans to Ireland Bill

1

 

[Note: The Bill was presented under S.O. No. 50.]

A

Bill

To

Make provision in connection with the making of loans to Ireland by the

United Kingdom. 

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and

consent of the Lords Spiritual and Temporal, and Commons, in this present

Parliament assembled, and by the authority of the same, as follows:—

1       

United Kingdom loans to Ireland

(1)   

There may be paid out of money provided by Parliament any sums required by the

Treasury for the purpose of the making of Irish loans.

(2)   

In this Act “Irish loan” means a loan to Ireland by the United Kingdom.

(3)   

The aggregate amount of payments made by the Treasury by way of Irish loans in the

5

period beginning with 9 December 2010 and ending with 8 December 2015 must not

exceed £3,250 million.

(4)   

The Treasury may by order made by statutory instrument substitute a greater

amount for the amount for the time being specified in subsection (3).

(5)   

A statutory instrument containing an order under subsection (4) may not be

10

made unless a draft of the instrument has been laid before and approved by a

resolution of the House of Commons.

(6)   

Subsection (5) does not apply to a statutory instrument containing an order

under subsection (4) which is made solely for the purpose of taking into

account fluctuations in the rate of exchange between sterling and the euro

15

during any part of the initial period.

(7)   

The “initial period” is the period beginning with 9 December 2010 and ending

with the 30th day after the day on which this Act is passed.

(8)   

Sums received by the Treasury in respect of Irish loans by way of repayment of

principal or the payment of interest are to be paid into the Consolidated Fund.

20

(9)   

This section ceases to have effect at the end of the period specified in subsection

(3).

 

Bill 125                                                                                                

55/1

 
 

Loans to Ireland Bill

2

 

2       

Reports

(1)   

The Treasury must, in relation to each relevant period—

(a)   

prepare a report about Irish loans, and

(b)   

lay it before the House of Commons as soon as practicable after the end

of that period.

5

(2)   

“Relevant period” means—

(a)   

the period beginning with 9 December 2010 and ending with 31 March

2011, and

(b)   

each subsequent period of 6 months.

(3)   

Each report must include details of—

10

(a)   

any payments made by the Treasury by way of an Irish loan in the

period to which the report relates,

(b)   

any sums received by the Treasury in that period by way of repayment

of principal or the payment of interest in respect of an Irish loan, and

(c)   

the aggregate amount of principal and interest in respect of Irish loans

15

which is outstanding at the end of that period.

(4)   

No report is required to be prepared or laid in relation to a period if—

(a)   

no payments within subsection (3)(a) are made in the period,

(b)   

no sums within subsection (3)(b) are received in the period, and

(c)   

no amount of principal or interest in respect of an Irish loan is

20

outstanding at the end of the period.

(5)   

This section ceases to have effect—

(a)   

if no report is required to be prepared in relation to the relevant period

ending with 31 March 2016, on 1 April 2016, and

(b)   

otherwise, on the day following the end of the first subsequent relevant

25

period in relation to which no report is required to be prepared.

3       

Short title, commencement and extent

(1)   

This Act may be cited as the Loans to Ireland Act 2010.

(2)   

This Act comes into force on the day on which it is passed.

(3)   

This Act extends to England and Wales, Scotland and Northern Ireland.

30

 
 

 

 
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