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The FCO Services Trading Fund Order 2008
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- UK Statutory Instruments
- 2008 No. 590
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EXPLANATORY NOTE
(This note is not part of the Order)
This Order provides for the setting up from 1st April 2008 of a fund with public money under the Government Trading Funds Act 1973 for the operations of the Foreign and Commonwealth Office undertaken by FCO Services. This agency currently provides support necessary for British Government offices in the UK and overseas to operate effectively and will also seek to provide services to other customers in the UK and overseas.
The Order designates the Secretary of State for Foreign and Commonwealth Affairs, as the authorised lender to the fund. The Order also requires £39,000 to be treated and maintained as a revaluation reserve. It also provides for £3,204,000 (being part of the difference in value between the assets and the amount of liabilities of the fund) to be treated as public dividend capital of the fund.
A report setting out the results of a consultation exercise and an impact assessment of the establishment of the FCO Services Trading Fund have been produced separately and published in accordance with Cabinet Office guidance.
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