18(1)Any reference in this Part of this Schedule to an authority’s adjusted credit ceiling at any time or their adjusted initial credit ceiling is a reference to their credit ceiling or, as the case may be, initial credit ceiling, determined in accordance with Part III of this Schedule as modified, in such manner as the Secretary of State considers appropriate, by regulations made by him for the purposes of this Part of this Schedule.
(2)Without prejudice to the generality of sub-paragraph (1) above, for the purpose of determining an authority’s adjusted credit ceiling or adjusted initial credit ceiling at any time, regulations under this paragraph may require amounts which are taken into account in determining the authority’s credit ceiling or initial credit ceiling to be treated as having been repaid, in whole or in part, by reference to amounts set aside as provision for credit liabilities and also, in such cases as may be specified in the regulations, may require a local authority to determine which of the amounts so taken into account are to be treated as so repaid.