Explanatory note

These Regulations amend the Local Authorities (Borrowing) Regulations 1990, which are concerned with local authority borrowing powers.

Section 43 of the Local Government and Housing Act 1989 provides that one of the ways in which local authorities will be able to borrow is by means of loan instruments. The 1990 Regulations make various provisions as to borrowing by means of loan instruments, including sterling commercial paper and sterling medium term notes. These Regulations extend the 1990 Regulations so that local authorities can issue such instruments without a Stock Exchange listing, and set out the terms of issue in such cases. Regulation 4(b) makes a minor change to the general provisions for such instruments in the 1990 Regulations; certain detailed information need no longer be provided to the Bank of England in connection with them.