Finance Act 1999
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Change 1
134 The Debt Management Account.
(1) Schedule 5A to the National Loans Act 1968 (the Debt Management Account) shall be amended in accordance with subsections (2) to (6) below. (2) In paragraph 1(2) (objects of the Treasury’s operation of the Debt Management Account), after paragraph (b) there shall be inserted— (ba) meeting any request to borrow money from the Treasury, made by the Bank of England; . (3) After paragraph 5 there shall be inserted— 5A (1) Where the Treasury raise money by virtue of paragraph 4 above, they shall exercise their powers under this Schedule so as to secure that the principal amount is repaid within the period of one year beginning with the day on which the money was raised. (2) Nothing in sub-paragraph (1) above shall require the Treasury to repay any amount at any time when— (a) they are unable to obtain a good discharge for the repayment or they consider that there is a material risk that they would be unable to do so; or (b) it is impracticable to repay the amount. (3) Where— (a) by virtue of sub-paragraph (2) above, an amount is not repaid within the period mentioned in sub-paragraph (1) above, and (b) the case ceases to be one in relation to which sub-paragraph (2)(a) or (b) applies, the Treasury shall exercise their powers under this Schedule so as to secure that the amount is repaid as soon as is reasonably practicable. (4) Any reference in this paragraph to the repayment of any amount includes a reference to the discharge by way of set-off of the Treasury’s liability to repay that amount. (4) In paragraph 9(1) (payments from Debt Management Account into National Loans Fund in respect of securities or Treasury bills), after “Treasury bills” there shall be inserted “ (other than bills issued by virtue of paragraph 4 above) ”. (5) In paragraph 13(1) (payment into Debt Management Account of sums in respect of payments of interest made from that Account), after “respect of” there shall be inserted “ (a) ” and after “the Account” there shall be inserted , and (b) any discount on any Treasury bills issued by virtue of paragraph 4 above. (6) In paragraph 13(3) (payment into National Loans Fund in respect of payments of interest received or earned by the Debt Management Account), after “respect of” there shall be inserted “ (a) ” and after “the Account” there shall be inserted , and (b) any benefit accruing to the Account which, in the opinion of the Treasury, ought to be treated in the same way as such interest. (7) In section 18 of the National Savings Bank Act 1971 (securities in which ordinary deposits may be invested), in paragraph (a), for the words “or on the National” to the end there shall be substituted “ , on the National Loans Fund with recourse to the Consolidated Fund or on the Debt Management Account with recourse to the National Loans Fund and then to the Consolidated Fund, or ”. (8) Subsection (6) above has effect in relation to any benefit accruing to the Debt Management Account on or after 1st April 1999.
134 The Debt Management Account.
(1) Schedule 5A to the National Loans Act 1968 (the Debt Management Account) shall be amended in accordance with subsections (2) to (6) below. (2) In paragraph 1(2) (objects of the Treasury’s operation of the Debt Management Account), after paragraph (b) there shall be inserted— (ba) meeting any request to borrow money from the Treasury, made by the Bank of England; . (3) After paragraph 5 there shall be inserted— 5A (1) Where the Treasury raise money by virtue of paragraph 4 above, they shall exercise their powers under this Schedule so as to secure that the principal amount is repaid within the period of one year beginning with the day on which the money was raised. (2) Nothing in sub-paragraph (1) above shall require the Treasury to repay any amount at any time when— (a) they are unable to obtain a good discharge for the repayment or they consider that there is a material risk that they would be unable to do so; or (b) it is impracticable to repay the amount. (3) Where— (a) by virtue of sub-paragraph (2) above, an amount is not repaid within the period mentioned in sub-paragraph (1) above, and (b) the case ceases to be one in relation to which sub-paragraph (2)(a) or (b) applies, the Treasury shall exercise their powers under this Schedule so as to secure that the amount is repaid as soon as is reasonably practicable. (4) Any reference in this paragraph to the repayment of any amount includes a reference to the discharge by way of set-off of the Treasury’s liability to repay that amount. (4) In paragraph 9(1) (payments from Debt Management Account into National Loans Fund in respect of securities or Treasury bills), after “Treasury bills” there shall be inserted “ (other than bills issued by virtue of paragraph 4 above) ”. (5) In paragraph 13(1) (payment into Debt Management Account of sums in respect of payments of interest made from that Account), after “respect of” there shall be inserted “ (a) ” and after “the Account” there shall be inserted , and (b) any discount on any Treasury bills issued by virtue of paragraph 4 above. (6) In paragraph 13(3) (payment into National Loans Fund in respect of payments of interest received or earned by the Debt Management Account), after “respect of” there shall be inserted “ (a) ” and after “the Account” there shall be inserted , and (b) any benefit accruing to the Account which, in the opinion of the Treasury, ought to be treated in the same way as such interest. (7) In section 18 of the National Savings Bank Act 1971 (securities in which ordinary deposits may be invested), in paragraph (a), for the words “or on the National” to the end there shall be substituted “ , on the National Loans Fund with recourse to the Consolidated Fund or on the Debt Management Account with recourse to the National Loans Fund and then to the Consolidated Fund, or ”. (8) Subsection (6) above has effect in relation to any benefit accruing to the Debt Management Account on or after 1st April 1999.
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