Schedule 4: Minor and consequential amendments Part 5: Miscellaneous Section 22: Loans to Consolidated Fund of Northern Ireland: increase of limits
87.This section amends the Northern Ireland (Loans) Act 1975 (c.83) to the effect that the limits on loans specified in that Act are increased. It came into effect on Royal Assent. It amends the 1975 Act to increase the maximum loans limit to £3000 million from £2000 million. It further provides the Secretary of State with a power, by order and with the consent of the Treasury, to increase the loans limit by a maximum of £500 million at any time: under the amendments there will be no limit to the number of times such an increase may be made, although the consent of the Treasury will be needed on each occasion this order‑making power is exercised.