Paragraph 8

Any reference in this Part of this Schedule to the Authority’s adjusted credit ceiling at any time or their adjusted initial credit ceiling is a reference to its credit ceiling or, as the case may be, initial credit ceiling, determined in accordance with Part I of this Schedule.

Without prejudice to the generality of sub-paragraph (1) above, for the purpose of determining the Authority’s adjusted credit ceiling or adjusted initial credit ceiling at any time, where regulations under paragraph 18 of Schedule 3 to the 1989 Act require amounts which are taken into account in determining the Authority’s credit ceiling or initial credit ceiling to be treated as having been repaid, in whole or in part, by reference to amounts set aside as provision for credit liabilities and also, in such cases as may be specified in the regulations, may require an authority to determine which of the amounts so taken into account are to be treated as so repaid, then the same requirements shall apply in relation to the determination of the Authority’s credit ceiling.