1995 No. 675

NORTHERN IRELAND

The Northern Ireland (Loans) (Increase of Limit) Order 1995

Made

Coming into force

Whereas a draft of this Order has been approved by resolution of the House of Commons:

Now, therefore, in exercise of the powers conferred upon me by section 1(5) of the Northern Ireland (Loans) Act 19751 and section 1(2) of the Northern Ireland (Loans) Act 19852, I hereby make the following Order:—

1

This Order may be cited as the Northern Ireland (Loans) (Increase of Limit) Order 1995 and shall come into force on 31st March 1995.

2

The limit in section 1(2) of the Northern Ireland (Loans) Act 19753 is hereby increased by £300 million to£2,000 million.

P. B. B. MayhewOne of Her Majesty’s Principal Secretaries of StateNorthern Ireland Office

We approve

Timothy WoodAndrew MitchellTwo of the Lords Commissioners of Her Majesty’s Treasury

(This note is not part of the Order)

Section 1(2) of the Northern Ireland (Loans) Act 1975, as amended, specifies a maximum of £1,700 million for the aggregate amount outstanding by way of principal in respect of certain loans (namely, loans by the Secretary of State to the Consolidated Fund of Northern Ireland under section 1(1) of the Act, and loans under previous enactments specified in section 1(3) of the Act). Section 1(5) of the Act, as applied by section 1(2) of the Northern Ireland (Loans) Act 1985, allows the Secretary of State to raise the maximum, on not more than one occasion, by not more than £300 million. This Order exercises that power by increasing the limit to £2,000 million.