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Explanatory Memorandum to Financial Provisions (Northern Ireland) Order 2004

Commentary on Articles

9.Comments are not given where the wording is self explanatory.

10.Article 2(1)(a) of the Order removes the right to interest on Ulster Savings Certificates in respect of any time on or after 1 April 2005. Article 2(1)(b) states the corollary of this, namely that any future repayment in respect of certificate holdings will be of principal and interest earned to that date.

11.Article 2(2) repeals the primary legislation relating to Ulster Savings in the Exchequer and Financial Provisions Act (Northern Ireland) 1950, together with some passing general references to Ulster Savings in other primary legislation. These provisions are listed in the Schedule.

12.Article 2(3) preserves the Ulster Savings Certificates Regulations 1988 (SR 1988/30) which would otherwise have fallen on the repeal of section 15 of the Exchequer and Financial Provisions Act (Northern Ireland) 1950, and underlines the fact that any future payment after closure will be made in accordance with those regulations.

13.Article 3 permits the Department of the Environment to incur expenditure relating to the achievement of sustainable development.

14.Article 4 permits the Department for Employment and Learning to provide financial assistance to certain bodies relating to employment and industrial relations law and practice.

15.Article 5 permits the Department of Culture, Arts and Leisure to incur expenditure on events.

16.Article 6 enables reports of the Comptroller and Auditor General under Articles 8 and 9 of the Audit (Northern Ireland) Act 1987 to be laid before the House of Commons while the Assembly is suspended.

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