Part 2The Board of the Pension Protection Fund
Chapter 1The Board
Financial matters
115Borrowing
(1)
The Board may—
(a)
borrow from a deposit-taker such sums as it may from time to time require for exercising any of its functions;
(b)
give security for any money borrowed by it.
(2)
The Board may not borrow F1under this section if the effect would be—
(a)
to take the aggregate amount outstanding in respect of the principal of sums borrowed by it F2under this section over its borrowing limit, or
(b)
to increase the amount by which the aggregate amount so outstanding exceeds that limit.
(3)
In this section—
“borrowing limit” means such limit as the Secretary of State may specify by order;
(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.