Export and Investment Guarantees Act 1991
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Change 1
6 Commitment limits.
(1) The aggregate amount of the Secretary of State’s commitments at any time under arrangements relating to exports and insurance shall not exceed £160 billion. (2) In subsection (1) above, “arrangements relating to exports and insurance” means— (a) arrangements under section 1 or 2 of this Act, other than arrangements for giving grants or arrangements under section 1(3), and (b) arrangements under the old law, other than arrangements for giving grants. (3) The aggregate amount of the Secretary of State’s commitments at any time under section 3 of this Act shall not exceed 26,200 million special drawing rights (4) The Secretary of State may by order increase or further increase— (a) the limit in subsection (1) above by a sum not exceeding £15 billion, (b) the limit in subsection (3) above by a sum specified in the order not exceeding ... 2,000 million special drawing rights. ... after the commencement of section 12 of the Small Business, Enterprise and Employment Act 2015 (4A) The Secretary of State must not in respect of the limit in subsection (3) exercise the power to make an order on more than three occasions. (5) For the purposes of this section and section 7 of this Act— (a) the commitments of the Secretary of State under any arrangements are his rights and liabilities relating to the arrangements, (b) the amount of any commitments shall be ascertained in accordance with principles determined from time to time by the Secretary of State with the consent of the Treasury, (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (e) the equivalent in sterling or special drawing rights of the amount of any commitments ... shall be ascertained at intervals determined from time to time by the Secretary of State with the consent of the Treasury and in accordance with principles so determined. (6) A determination under subsection (5)(e) above may provide for leaving out of account for the purposes of the limit in subsection (1) or (3) above any amount by which the limit would otherwise be exceeded to the extent that the amount is attributable to— (a) a revaluation of commitments under subsection (5)(e) above, or (b) the fulfillment of an undertaking which, had it been fulfilled when given, would not have caused the limit to be exceeded. (7) Any power to make an order under this section is exercisable only with the consent of the Treasury.
6 Commitment limits.
(1) The aggregate amount of the Secretary of State’s commitments at any time under arrangements relating to exports and insurance shall not exceed £160 billion. (2) In subsection (1) above, “arrangements relating to exports and insurance” means— (a) arrangements under section 1 or 2 of this Act, other than arrangements for giving grants or arrangements under section 1(3), and (b) arrangements under the old law, other than arrangements for giving grants. (3) The aggregate amount of the Secretary of State’s commitments at any time under section 3 of this Act shall not exceed 26,200 million special drawing rights (4) The Secretary of State may by order increase or further increase— (a) the limit in subsection (1) above by a sum not exceeding £15 billion, (b) the limit in subsection (3) above by a sum specified in the order not exceeding ... 2,000 million special drawing rights. ... after the commencement of section 12 of the Small Business, Enterprise and Employment Act 2015 (4A) The Secretary of State must not in respect of the limit in subsection (3) exercise the power to make an order on more than three occasions. (5) For the purposes of this section and section 7 of this Act— (a) the commitments of the Secretary of State under any arrangements are his rights and liabilities relating to the arrangements, (b) the amount of any commitments shall be ascertained in accordance with principles determined from time to time by the Secretary of State with the consent of the Treasury, (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (e) the equivalent in sterling or special drawing rights of the amount of any commitments ... shall be ascertained at intervals determined from time to time by the Secretary of State with the consent of the Treasury and in accordance with principles so determined. (6) A determination under subsection (5)(e) above may provide for leaving out of account for the purposes of the limit in subsection (1) or (3) above any amount by which the limit would otherwise be exceeded to the extent that the amount is attributable to— (a) a revaluation of commitments under subsection (5)(e) above, or (b) the fulfillment of an undertaking which, had it been fulfilled when given, would not have caused the limit to be exceeded. (7) Any power to make an order under this section is exercisable only with the consent of the Treasury.
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