Explanatory Memorandum

Budget Act (Northern Ireland) 2014

2014 CHAPTER 3

19 March 2014

Commentary on Sections

Section 5: Power of the Department of Finance and Personnel to borrow

This section authorises the temporary borrowing by the Department of Finance and Personnel in 2014-15 of approximately half the sum covered by Section 4 (1).  This is a normal safeguard against the possibility of a temporary deficiency arising in the Northern Ireland Consolidated Fund.