Part IVU.K. Reorganisation of the Post Office

Financial provisionsU.K.

69 Guarantees by the Secretary of State for [F1relevant companies].U.K.

(1)The Secretary of State may, on or after the appointed day and in such manner and on such conditions as he considers appropriate, guarantee the discharge of any financial obligation of [F2a relevant company].

(2)As soon as practicable after giving a guarantee under subsection (1), the Secretary of State shall lay a statement of the guarantee before each House of Parliament.

(3)If any sums are paid by the Secretary of State in fulfilment of a guarantee given under subsection (1), [F3the relevant company] shall make to the Secretary of State, at such times and in such manner as the Secretary of State may direct—

(a)payments, of such amounts as the Secretary of State may direct, in or towards repayment of the sums paid by the Secretary of State, and

(b)payments of interest on what is outstanding in respect of the sums paid by the Secretary of State, at such rate as the Secretary of State may direct.

(4)If any sums are paid by the Secretary of State in fulfilment of a guarantee given under subsection (1), the Secretary of State shall—

(a)lay a statement relating to the sums before each House of Parliament as soon as practicable after the end of the financial year in which the sums were paid, and

(b)lay a statement before each House of Parliament as soon as practicable after the end of any subsequent financial year in which there is an outstanding liability in relation to the obligation which is the subject of the guarantee.

(5)Any statement under subsection (4) shall include a statement of—

(a)any amounts received by the Secretary of State during the financial year concerned in or towards repayment of, or as interest in respect of, sums paid by him in fulfilment of any guarantee given under subsection (1), and

(b)any amounts outstanding at the end of that year in respect of sums so paid by the Secretary of State.