Part 2

The Board of the Pension Protection Fund
Chapter 1

The Board

Financial matters

Borrowing
115
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 under this section if the effect would be—
a
to take the aggregate amount outstanding in respect of the principal of sums borrowed by it under 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;
- “deposit-taker” means—
  1. a person who has permission under Part 4A of the Financial Services and Markets Act 2000 (c. 8) to accept deposits, ...
...
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.
S. 115(3) in force at 10.2.2005 for specified purposes by S.I. 2005/275, art. 2(1), Sch. Pt. 1
S. 115(1)(2)(4) in force at 8.3.2005 by S.I. 2005/275, art. 2(5), Sch. Pt. 5
S. 115(3) in force at 8.3.2005 in so far as not already in force by S.I. 2005/275, art. 2(5), Sch. Pt. 5
Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11
Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72
Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1
Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1 (as amended (17.7.2008) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903), regs. 1, 5(2), 13; (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 5, 18; (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 5, 15)
Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except Ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72 (as amended (23.7.2012) by The Pension Protection Fund (Miscellaneous Amendments) Regulations 2012 (S.I. 2012/1688), regs. 1(2), 2(1)-(19); (24.1.2013) by The Pension Protection Fund (Miscellaneous Amendments) (No. 2) Regulations 2012 (S.I. 2012/3083), regs. 1(2)(b), 2 (with reg. 10))
Words in s. 115(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 104(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11 (as amended (8.3.2010) by The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/196), regs. 1, 2(3)-(5); (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 8(4)(5))
Pt. 2 applied in part (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2
Words in s. 115(3) omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(4); 2020 c. 1, Sch. 5 para. 1(1)
Words in s. 115(2) inserted (20.10.2021) by Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29), s. 2(3)(a)
Words in s. 115(2)(a) inserted (20.10.2021) by Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29), s. 2(3)(b)