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[Note:
The Bill was presented under S.O. No. 50.] |
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Make
provision in connection with the making of loans to Ireland by
the |
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Be
it enacted by the Queen’s most Excellent Majesty,
by and with the advice and |
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consent of the Lords Spiritual
and Temporal, and Commons, in this present |
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Parliament assembled, and
by the authority of the same, as follows:— |
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United
Kingdom loans to Ireland |
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(1) |
There
may be paid out of money provided by Parliament any sums required
by the |
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Treasury
for the purpose of the making of Irish loans. |
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(2) |
In this Act “Irish
loan” means a loan to Ireland by the United Kingdom. |
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(3) |
The
aggregate amount of payments made by the Treasury by way of Irish
loans in the |
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period
beginning with 9 December 2010 and ending with 8 December 2015
must not |
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(4) |
The Treasury may by order
made by statutory instrument substitute a greater |
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amount for the amount for
the time being specified in subsection (3). |
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(5) |
A statutory instrument containing
an order under subsection (4) may not be |
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made unless a draft of the
instrument has been laid before and approved by a |
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resolution of the House of
Commons. |
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(6) |
Subsection (5) does not
apply to a statutory instrument containing an order |
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under subsection (4) which
is made solely for the purpose of taking into |
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account fluctuations in the
rate of exchange between sterling and the euro |
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during any part of the initial
period. |
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(7) |
The “initial period”
is the period beginning with 9 December 2010 and ending |
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with the 30th day after the
day on which this Act is passed. |
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(8) |
Sums
received by the Treasury in respect of Irish loans by way of repayment
of |
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principal
or the payment of interest are to be paid into the Consolidated
Fund. |
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(9) |
This section ceases to have
effect at the end of the period specified in subsection |
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(1) |
The Treasury must, in relation
to each relevant period— |
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(a) |
prepare a report about Irish
loans, and |
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(b) |
lay it before the House of
Commons as soon as practicable after the end |
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(2) |
“Relevant period”
means— |
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(a) |
the period beginning with
9 December 2010 and ending with 31 March |
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(b) |
each subsequent period of
6 months. |
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(3) |
Each report must include
details of— |
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(a) |
any payments made by the
Treasury by way of an Irish loan in the |
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period to which the report
relates, |
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(b) |
any sums received by the
Treasury in that period by way of repayment |
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of principal or the payment
of interest in respect of an Irish loan, and |
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(c) |
the aggregate amount of principal
and interest in respect of Irish loans |
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which is outstanding at the
end of that period. |
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(4) |
No report is required to
be prepared or laid in relation to a period if— |
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(a) |
no payments within subsection
(3)(a) are made in the period, |
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(b) |
no sums within subsection
(3)(b) are received in the period, and |
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(c) |
no amount of principal or
interest in respect of an Irish loan is |
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outstanding at the end of
the period. |
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(5) |
This section ceases to have
effect— |
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(a) |
if no report is required
to be prepared in relation to the relevant period |
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ending with 31 March 2016,
on 1 April 2016, and |
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(b) |
otherwise, on the day following
the end of the first subsequent relevant |
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period in relation to which
no report is required to be prepared. |
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Short
title, commencement and extent |
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(1) |
This Act may be cited as
the Loans to Ireland Act 2010. |
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(2) |
This Act comes into force
on the day on which it is passed. |
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(3) |
This Act extends to England
and Wales, Scotland and Northern Ireland. |
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