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The Export and Investment Guarantees (Limit on Foreign Currency Commitments) Order 1998
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- 1998 No. 1675
- Explanatory Note
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Explanatory Note
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Section 6(1)(b) of the Export and Investment Guarantees Act 1991 limits the amount of the aggregate foreign currency commitments of the Secretary of State under arrangements made pursuant to certain sections of that Act in relation to exports and insurance to 15,000 million special drawing rights. Section 6(4)(a) of that Act allows the limits under section 6(1) to be increased by order by a sum not exceeding 5,000 million special drawing rights on not more than three occasions. The limit in section 6(1)(b) was increased by the Export and Investment Guarantees (Limit on Foreign Currency Commitments) Order 1995 to 20,000 million special drawing rights. This order further increases that limit from 20,000 million special drawing rights to 25,000 million special drawing rights to accommodate prospective future business.
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