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Energy Act (Northern Ireland) 2011

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This is the original version (as it was originally enacted).

Guarantees

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30.—(1) This section applies where an energy administration order has been made in relation to a company.

(2) The Department may guarantee—

(a)the repayment of any sum borrowed by the company while the energy administration order is in force;

(b)the payment of interest on such a sum; and

(c)the discharge of any other financial obligation of the company in connection with the borrowing of such a sum.

(3) The Department may give a guarantee under this section in such manner, and on such terms, as the Department thinks fit.

(4) As soon as practicable after giving a guarantee under this section, the Department must lay a statement of the guarantee before the Assembly.

(5) If sums are paid out by the Department under a guarantee given under this section, the company must pay the Department—

(a)such amounts in or towards the repayment to the Department of those sums as the Department may direct; and

(b)interest, at such rates as the Department may direct, on amounts outstanding under this subsection.

(6) Payments to the Department under subsection (5) must be made at such times, and in such manner, as the Department may from time to time direct.

(7) Where a sum has been paid out by the Department under a guarantee given under this section, the Department must lay a statement relating to that sum before the Assembly—

(a)as soon as practicable after the end of the financial year in which that sum is paid out; and

(b)as soon as practicable after the end of each subsequent relevant financial year.

(8) In relation to a sum paid out under a guarantee, a financial year is a relevant financial year for the purposes of subsection (7) unless—

(a)before the beginning of that year, the whole of that sum has been repaid to the Department under subsection (5); and

(b)the company in question is not at any time during that year subject to liability to pay interest on amounts that became due under that subsection in respect of that sum.

(9) The consent of the Department of Finance and Personnel is required—

(a)for the giving of a guarantee under this section; and

(b)for the giving by the Department of a direction under subsection (5) or (6).

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