Regulation 19 Credit ceiling of designated authority
Subject to paragraphs (2) and (3), the credit ceiling on the reorganisation date of a designated authority in relation to an abolished authority shall be the aggregate of—
the amount which would, apart from this paragraph, have been the designated authority’s credit ceiling on that date; and
the credit ceilings on the last day of the preliminary period of the abolished authority and any other abolished authority in relation to the designated authority.
Where any amount is added to the credit ceiling of a participant authority by virtue of regulation 20(1) below, an equivalent amount shall be deducted on the same day from the credit ceiling of the designated authority.
Where any amount is deducted from the credit ceiling of a participant authority by virtue of regulation 20(1) or (2) below, an equivalent amount shall be added on the same day to the credit ceiling of the designated authority.