Regulation 137 Use of amounts set aside to meet liabilities under credit arrangements which had an initial cost of nilI1

In this regulation, “amount set aside” has the same meaning as in Part XIII of these Regulations.

The authority shall determine the total of all amounts set aside, if any, which were applied by them in the last year for the purpose described in section 64(1)(b) (use of amounts set aside to meet credit liabilities) in respect of relevant credit arrangements.

For the purposes of paragraph (2), a credit arrangement is a relevant credit arrangement if its initial cost was nil and, at the time an amount set aside is applied to meet any liability of the authority in respect of it, it has not been varied as mentioned in section 51(1) (variation of credit arrangements).