Section 6 Limit on commitments.
United Kingdom
Subject to subsection (3) below, the aggregate of—
the sterling liabilities at any time of the Secretary of State in respect of guarantees given under this Act;
the amount of the principal moneys in sterling for the time being due to the Secretary of State under any arrangements made under section 2(2) above or outstanding in respect of loans made under section 3(1) above;
the sums paid in sterling for the acquisition—
of securities acquired under section 4(1) above and for the time being held by the Secretary of State, or
of currency for acquiring such securities; and
the sterling liabilities at any time of the Secretary of State in respect of arrangements made under section 5 above;
shall not exceed £25,000 million.
Subject to subsection (4) below and to sections 7 and 8 below, the aggregate—
of the foreign currency liabilities at any time of the Secretary of State in respect of guarantees given under this Act; and
of the amount of the principal moneys in foreign currencies for the time being due to the Secretary of State under any arrangements made under section 2(2) above or for the time being outstanding in respect of loans made under section 3(1) above;
shall not exceed 10,000 million special drawing rights.
The Secretary of State may, on not more that three occasions, by order made with the consent of the Treasury increase or further increase the limit applicable under subsection (1) above by a sum specified in the order, being a sum not exceeding £5,000 million.
The Secretary of State may, on not more than three occasions, by order made with the consent of the Treasury increase or further increase the limit applicable under subsection (2) above by a sum specified in the order, being a sum not exceeding 5,000 million special drawing rights.
Notes on the whole Act
Textual amendments
- F1
Act repealed (23.10.1991) by Export and Investment Guarantees Act 1991 (c. 67), s. 15(4)(with saving in s. 15(5)); S.I. 1991/2430, art.2.