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The Export and Investment Guarantees (Limit on Foreign Currency Commitments) Order 1995

S.I. 1995/1988 · Made 26 July 1995

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

EXPORT AND INVESTMENT GUARANTEES

Made 26th July 1995

Coming into force 27yh July 1995

The Secretary fo State, in exercise of the powers conferred on him by section 6(4)(a) of the Export and Investment Guarantees Act 1991f1 and of all other powers enabling him in that behalf and with the consent of the Treasury hereby makes the following Order, a draft of which has been laid before and approved by resolutions of the House of Commons:

Annotations to the whole text

Footnotes

f1

1991 c. 67.

Contents

  1. 1Citation and commencement
  2. 2Increase of Foreign Currency Commitment Limit
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Export and Investment Guarantees (Limit on Foreign Currency Commitments) Order 1995 and shall come into force on the day after the day on which it is made.

2Increase of Foreign Currency Commitment Limit

The limit in section 6(1)(b) of the Export and Investment Guarantee Act 1991 is hereby increased to 20,000 million special drawing rights.

Signature

Anthony Nelson

Minister of Trade,

Department of Trade and Industry

19th July 1995

We consent to the making of this Order

D. L. Willetts,

Simon Burns,

Two of the Lords Commissioners of Her Majesty’s Treasury

26th July 1995

Explanatory note

(This note is not part of the Order)

Section 6(1)(b) of the Export and Investment Guarantees Act 1991 limits the amount of the aggregate foreign currency commitments of the Secretary of State under arrangements made pursuant to that Act in relation to exports and insurance to 15,000 million special drawing rights. Section 6(4)(a) of that Act allows that limit to be increased by order by a sum not exceeding 5,000 million special drawing rights on not more than three occasions. The limit has not been increased before. This Order increases the limit from 15,000 million special drawing rights to 20,000 million special drawing rights to accommodate prospective future business.