(This note is not part of the Order)
The Driver and Vehicle Standards Agency, an executive agency of the Department for Transport was established on 1st April 2014 following the merger of the Driving Standards Agency and the Vehicle and Operator Services Agency.
This Order provides for the setting up as from 1st April 2015 of a trading fund with public money under the Government Trading Funds Act 1973 (“the 1973 Act”) for the operations of the Driver and Vehicle Standards Agency.
The Order designates the Secretary of State for Transport as the authorised lender to the fund. It specifies the assets and liabilities which are to be appropriated to the fund and provides for the sum of £32,458,000 to be treated a public dividend capital of the fund. It also provides for the sum of £46,910,000 to be treated as revaluation reserves. This amount is part of the difference in value between the assets and the liabilities. The Order appoints the day by which originating debt is to be added to the fund.
The Order also provides that the maximum borrowing of the fund is not to exceed £180,000,000.
The Order revokes all previous Orders relating to the Driving Standards Agency trading fund and the Vehicle and Operator Services Agency trading fund. The result of this is that the trading funds established by or amended by those Orders are dissolved by this Order.
A full impact statement has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.