(1)Monitor must prepare and publish a statement of the principles that govern its decisions, or decisions made on its behalf, about making investments for the purposes of this Chapter.
(2)Monitor must—
(a)in each financial year, review the statement,
(b)if it considers necessary in light of the review, revise the statement, and
(c)if it revises the statement, publish the revised statement.
(3)As soon as reasonably practicable after the end of each financial year, Monitor must undertake and publish a review of the operation during that year of—
(a)the procedure for health special administration under Chapter 5,
(b)the procedure for trust special administration for NHS foundation trusts under Chapter 5A of Part 2 of the National Health Service Act 2006, and
(c)such mechanisms as have been established under section 134.
(4)The purposes of the review under subsection (3)(c) are—
(a)to assess the operation of the mechanisms concerned,
(b)to assess the accuracy of the estimates given by Monitor in relation to the operation of the mechanisms,
(c)to assess what improvements can be made to the process for making estimates in relation to the operation of the mechanisms, and
(d)to review the extent of the protection which the mechanisms are required to provide.
(5)Where a fund established under section 135 has been in operation for the whole or part of the year concerned, the review published under this section must specify—
(a)the income of the fund during that year, and
(b)the expenditure from the fund during that year.
(6)Monitor must exclude from a review published under this section information which it is satisfied is—
(a)commercial information the disclosure of which would, or might, significantly harm the legitimate business interests of an undertaking to which it relates;
(b)information relating to the private affairs of an individual the disclosure of which would, or might, significantly harm that person’s interests.
(1)Monitor may—
(a)borrow from a deposit-taker such sums as it may from time to time require for exercising its functions under this Chapter;
(b)give security for sums that it borrows.
(2)But Monitor may not borrow if the effect would be—
(a)to take the aggregate amount outstanding in respect of the principal of sums borrowed by it over such limit as the Secretary of State may by order specify, or
(b)to increase the amount by which the aggregate amount so outstanding exceeds that limit.
(3)In this section, “deposit-taker” means—
(a)a person who has permission under Part 4 of the Financial Services and Markets Act 2000, or
(b)an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits.
(4)The definition of “deposit-taker” in subsection (3) must be read with—
(a)section 22 of the Financial Services and Markets Act 2000,
(b)any relevant order under that section, and
(c)Schedule 2 to that Act.
(1)The Secretary of State may provide financial assistance to Monitor if the Secretary of State is satisfied that—
(a)there are insufficient funds available from a mechanism established under section 134, or
(b)the mechanism is otherwise unable to operate effectively.
(2)If the Secretary of State is satisfied that the level of funds available from a mechanism established under section 134 exceeds the level that is necessary, the Secretary of State may direct Monitor to transfer the excess to the Secretary of State.
(3)If the Secretary of State is satisfied that a mechanism established under section 134 has become dormant, or if a mechanism so established is being wound up, the Secretary of State may direct Monitor to transfer to the Secretary of State such funds as are available from the mechanism.