Article 7 Transitional accounting period for the Debt Management Account

In relation to the transitional period, paragraph 15(1) of Schedule 5A (which requires the Treasury to prepare accounts for each financial year in which the Debt Management Account operates) shall have effect as if the reference to each financial year were a reference to the transitional period.

In relation to the account prepared for the transitional period, paragraph 15(2) of that Schedule (which requires the Treasury to send the account to the Comptroller and Auditor General not later than the end of November following the end of the financial year to which it relates) shall have effect as if the reference to the end of the financial year to which the account relates were a reference to the end of the transitional period.

In this article, “the transitional period” means the period beginning on the commencement day and ending immediately before 1st April 2001.