# The Local Authorities (Capital Finance and Accounting) (Wales) (Amendment) Regulations 2008, Regulation 4: Early repayment of loans — premiums and discounts after 31 March 2007


In regulation 24C—
(a) for paragraph (1)(b) substitute—
“(b) as a consequence of such early repayment—
(i) the local authority is required to pay a premium to the lender of the loan or is required, in accordance with proper practices, to account for an amount in respect of a premium as if it were required to pay such a premium; or
(ii) the lender of the loan gives the local authority a discount on the loan or the local authority is required, in accordance with proper practices, to account for an amount in respect of a discount as if the lender had given the local authority such a discount; and”;
(b) in paragraph (4), in the definition of “initial year”, after “repaid” insert—
“;
“replacement loan” means any loan of money to the local authority some or all of which the local authority treats, for accounting purposes, as a replacement for some or all of the loan referred to in sub-paragraph (a) of paragraph (1).”

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Source: https://www.legislation.gov.uk/wsi/2008/588/regulation/4 (the official version)
Page: https://openlegislation.uk/local-authorities-capital-finance-and-accounting-wales-amendment-regulations-2008/regulation-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.