Section 115 BorrowingC1 C2

United Kingdom

(1)

The Board may—

(a)

borrow from a deposit-taker such sums as it may from time to time require for exercising any of its functions;

(b)

give security for any money borrowed by it.

(2)

The Board may not borrow F1under this section if the effect would be—

(a)

to take the aggregate amount outstanding in respect of the principal of sums borrowed by it F2under this section over its borrowing limit, or

(b)

to increase the amount by which the aggregate amount so outstanding exceeds that limit.

(3)

In this section—

“borrowing limit” means such limit as the Secretary of State may specify by order;
“deposit-taker” means—
1. a person who has permission under F3Part 4A of the Financial Services and Markets Act 2000 (c. 8) to accept deposits, F4...
2. ...

(4)

The definition of “deposit-taker” in subsection (3) must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000,

(b)

any relevant order under that section, and

(c)

Schedule 2 to that Act.

Annotations

F1: Words in s. 115(2) inserted (20.10.2021) by Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29), s. 2(3)(a)
F2: Words in s. 115(2)(a) inserted (20.10.2021) by Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021 (c. 29), s. 2(3)(b)
F3: Words in s. 115(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 104(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4: Words in s. 115(3) omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(4); 2020 c. 1, Sch. 5 para. 1(1)

C1: Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72
C2: Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11

I1: S. 115(1)(2)(4) in force at 8.3.2005 by S.I. 2005/275, art. 2(5), Sch. Pt. 5
I2: S. 115(3) in force at 10.2.2005 for specified purposes by S.I. 2005/275, art. 2(1), Sch. Pt. 1
I3: S. 115(3) in force at 8.3.2005 in so far as not already in force by S.I. 2005/275, art. 2(5), Sch. Pt. 5