# The Local Government Changes for England (Capital Finance) Regulations 1995, Regulation 14: Interpretation of Part


In this Part—
“PCL” means the amount for the time being set aside by a local authority (whether voluntarily or pursuant to a requirement under Part IV of the 1989 Act) as provision to meet credit liabilities;
“relevant amount” means, in relation to a credit arrangement and a participant authority, the amount determined in accordance with the formula in paragraph 7 of the Schedule to the Transfer of Property Regulations as that paragraph has effect subject to paragraph 1(3) of that Schedule; and
“vesting day” means the day when rights and liabilities under a credit arrangement are vested as mentioned in regulation 3(4) above in another local authority.

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Source: https://www.legislation.gov.uk/uksi/1995/798/regulation/14 (the official version)
Page: https://openlegislation.uk/local-government-changes-for-england-capital-finance-regulations-1995/regulation-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.