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The Export and Investment Guarantees (Limit on Foreign Currency Commitments) Order 2000
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- 2000 No. 2087
- 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 that Act in relation to exports and insurance to 15,000 million special drawing rights. Section 6(4)(a) of that Act allows that limit to be increased by order by a sum not exceeding 5,000 million special drawing rights on not more than three occasions. The limit has been increased on two previous occasions. First, by the Export and Investment Guarantees (Limit on Foreign Currency Commitments) Order 1995 No. 1998, which increased the limit from 15,000 million special drawing rights to 20,000 million special drawing rights and second, by the Export and Investment Guarantees (Limit on Foreign Currency Commitments) Order 1998 No. 1675 which increased the limit from 20,000 million special drawing rights to 25,000 million special drawing rights. This Order exhausts the statutory power to increase the foreign currency commitment limit by increasing it to 30,000 million special drawing rights.
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