Regulation 24F Financial guarantees given by local authoritiesF1

(1)

This regulation applies—

(a)

where before 21 January 2008 a local authority has given a financial guarantee on behalf of another person; and

(b)

in relation to financial years beginning on or after 1 April 2007.

(2)

Where this regulation applies, the amount the local authority charges to its revenue account with respect to the guarantee must be calculated either—

(a)

in accordance with proper practices for the financial year beginning on 1 April 2006; or

(b)

in accordance with the accounting practices identified in regulation 25.

Annotations

F1: Regs. 24E, 24F inserted (31.3.2008) by The Local Authorities (Capital Finance and Accounting) (Wales) (Amendment) Regulations 2008 (S.I. 2008/588), regs. 1(1), 5 (with reg. 1(2))