Northern Ireland (Loans) Act 1975

1 Loans for capital purposes. U.K.

(1) Subject to subsection (2) below, the Secretary of State may with the approval of the Treasury advance to the Consolidated Fund of Northern Ireland by way of loan any sum or sums for the purposes of any expenditure which, in the opinion of the Secretary of State, is of a capital nature.

(2) The aggregate amount outstanding by way of principal in respect of loans under—

(a) the previous enactments; and

(b) this section,

shall not exceed [F1 £3,000 million].

(3) In this Act “the previous enactments” means—

(a) section 2 of the M1 Miscellaneous Financial Provisions Act 1950 (which, as amended by section 57 of the M2 Finance Act 1969, provided for loans to the Government of Northern Ireland subject to a limit of £170 million on the total amount outstanding by way of principal); and

(b) section 35 of the M3 Finance Act 1970 (which, as amended by section 1 of the M4 Northern Ireland (Financial Provisions) Act 1972 and the M5 Northern Ireland Loans (Increase of Limit) Order 1975, provides for loans to the Consolidated Fund of Northern Ireland subject to a limit of £450 million on the total amount advanced.

(4) After the commencement of this Act no further loans shall be made under section 35 of the M6 Finance Act 1970.

(5) The Secretary of State mayF2 ..., by order made by statutory instrument and with the approval of the Treasury increase [F3 the limit for the time being specified in subsection (2) ]above by such sum, not exceeding [F4 £500 million], as may be specified in the order.

(6) The Secretary of State shall not make an order under subsection (5) above unless a draft of the order has been approved by a resolution of the House of Commons.

(7) Any loan made by the Secretary of State in pursuance of this section shall be repaid to him at such times and by such methods, and interest on the loan shall be paid to him at such rates and at such times, as he may with the approval of the Treasury from time to time determine.

(8) The Treasury may issue out of the National Loans Fund to the Secretary of State such sums as are necessary to enable him to make loans in pursuance of subsection (1) above and any sums received by the Secretary of State in pursuance of subsection (7) above shall be paid into that Fund.

Textual Amendments

F1 Words in s. 1(2) substituted (25.7.2006) by Northern Ireland (Miscellaneous Provisions) Act 2006 (c. 33), ss. 22(2), 31(1)(c)

F2 Words in s. 1(5) repealed (25.7.2006) by Northern Ireland (Miscellaneous Provisions) Act 2006 (c. 33), ss. 22(3)(a), 31(1)(c), Sch. 5

F3 Words in s. 1(5) substituted (25.7.2006) by Northern Ireland (Miscellaneous Provisions) Act 2006 (c. 33), ss. 22(3)(b), 31(1)(c)

F4 Words in s. 1(5) substituted (25.7.2006) by Northern Ireland (Miscellaneous Provisions) Act 2006 (c. 33), ss. 22(3)(c), 31(1)(c)

Modifications etc. (not altering text)

C1 By Northern Ireland (Loans) Act 1985 (c.76, SIF 99:7), s. 1(2), it is provided that s. 1(5) shall apply in relation to the limit set by virtue of s. 1(1) of that 1985 Act as it applied in relation to the limit set by subsection (2) of section 1 as originally enacted, but with the substitution of “£300 million” for “£200 million”

Marginal Citations

M1 1950 c. 21.

M2 1969 c. 32.

M3 1970 c. 24.

M4 1972 c. 76.

M5 S.I. 1975/823.

M6 1970 c. 24.

2 Existing loans. U.K.

(1) Any repayment of principal or payment of interest in respect of a loan made by the Treasury under either of the previous enactments and not repaid before the commencement of this Act shall, subject to subsection (2) below, be made to the Secretary of State.

(2) The terms on which a loan such as is mentioned in subsection (1) above shall be repaid, and interest on it paid, are either—

(a) the terms which have effect immediately before the commencement of this Act; or

(b) such other terms as the Secretary of State may with the approval of the Treasury from time to time determine.

(3) Any sums received by the Secretary of State in pursuance of subsection (1) above shall be paid into the National Loans Fund.

3 Accounts. U.K.

(1) The Secretary of State shall, as respects each financial year, prepare in such form and manner as the Treasury may direct an account of—

(a) sums received by him under section 1(7) above;

(b) sums received by him under section 2(1) above; and

(c) sums issued to him under section 1(8) above,

and of the disposal by him of those sums, and shall send the account to the Comptroller and Auditor General not later than the end of November following the year.

(2) The Comptroller and Auditor General shall examine, certify and report on the account and lay copies of it, together with his report, before each House of Parliament.

4 Citation and repeals. U.K.

(1) This Act may be cited as the Northern Ireland (Loans) Act 1975.

(2) The enactments mentioned in the Schedule below are hereby repealed to the extent mentioned in column 3 of the Schedule.

Modifications etc. (not altering text)

C2 The text of s. 4(2) and Sch. is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.