Section 23 Financial limitsI1

(1)

The current borrowings of the HCA must not exceed £2,300 million.

(2)

The Secretary of State may by order amend subsection (1) so as to specify a greater amount than that for the time being specified there.

(3)

But an order under subsection (2) may not specify an amount of more than £3,000 million.

(4)

In this section “current borrowings of the HCA” means—

(a)

the aggregate amount at any time of—

(i)

sums borrowed by the HCA under section 20, and

(ii)

sums borrowed by subsidiaries of the HCA (other than from the HCA), less

(b)

repayments made, or treated as made, in respect of those sums.

(5)

In this Part “subsidiary” has the meaning given by section 1159 of the Companies Act 2006 (c. 46).

Annotations

I1: S. 23 in force at 1.12.2008 by S.I. 2008/3068, art. 2(1)(k) (with arts. 6-13)