# The Local Government (Promotion of Economic Development) Regulations 1990, Regulation 9: Loans


(1) Where a relevant authority in the exercise of economic development powers provides financial assistance in the form of a loan and the rate of interest in respect of that loan is more favourable than that reasonably obtainable on the open market, the accounts of that authority for each financial year in which an amount of principal is outstanding as respects any such loan, shall include a separate account of—
(a) the amount of any such loan;
(b) the difference between the amount of interest payable in that year in respect of that loan and the amount which would have been payable in that year if interest on that loan had been payable at the rate prevailing in the market for a loan of that nature.
(2) A copy of a statement of the account required to be kept in accordance with paragraph (1) shall be deposited with the proper officer of the authority at the time that a statement of the authority’s accounts is published in accordance with regulations under section 23 of the Local Government Finance Act 1982.

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Source: https://www.legislation.gov.uk/uksi/1990/763/regulation/9 (the official version)
Page: https://openlegislation.uk/local-government-promotion-of-economic-development-regulations-1990/regulation-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.