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(1)The Treasury must, in relation to each relevant period—
(a)prepare a report about Irish loans, and
(b)lay it before the House of Commons as soon as practicable after the end of that period.
(2)“Relevant period” means—
(a)the period beginning with 9 December 2010 and ending with 31 March 2011, and
(b)each subsequent period of 6 months.
(3)Each report must include details of—
(a)any payments made by the Treasury by way of an Irish loan in the period to which the report relates,
(b)any sums received by the Treasury in that period by way of repayment of principal or the payment of interest in respect of an Irish loan,
(c)the aggregate amount of principal and interest in respect of Irish loans which is outstanding at the end of that period,
(d)the remaining term of each Irish loan which is outstanding at the end of that period, and
(e)the original term of each Irish loan in respect of which a payment was made by the Treasury by way of an Irish loan in that period.
(4)No report is required to be prepared or laid in relation to a period if—
(a)no payments within subsection (3)(a) are made in the period,
(b)no sums within subsection (3)(b) are received in the period, and
(c)no amount of principal or interest in respect of an Irish loan is outstanding at the end of the period.
(5)This section ceases to have effect—
(a)if no report is required to be prepared in relation to the relevant period ending with 31 March 2016, on 1 April 2016, and
(b)otherwise, on the day following the end of the first subsequent relevant period in relation to which no report is required to be prepared.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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