Section 75: Interpretation of section 74
534.Section 75 defines terms for the purposes of section 74, including “relevant public expenditure”. “Relevant public expenditure” is incurred for these purposes in three cases: where the Treasury or Secretary of State have provided financial assistance to or in respect of a PRA-authorised person for financial stability reasons (for example where the Treasury have provided a guarantee in respect of a PRA-authorised person); where the Treasury have incurred expenditure in relation to a PRA-authorised person in connection with the exercise of powers under Parts 1 to 3 of the Banking Act 2009 (for example, by giving an indemnity to the Bank in connection with the operation of a bridge bank); or where the scheme manager of the Financial Services Compensation Scheme has received a loan from the National Loans Fund or financial assistance from the Treasury for the purposes of funding expenses incurred in connection with a PRA-authorised person.
