Part 1The Civil Nuclear Industry
Chapter 1Nuclear decommissioning
Financial provisions
I125Government guarantees for NDA borrowing
1
The Secretary of State may guarantee—
a
the repayment of the principal of any sum borrowed by the NDA from a person other than the Secretary of State;
b
the payment of interest on such a sum; and
c
the discharge of any other financial obligation of the NDA in connection with the borrowing of such a sum.
2
The Secretary of State may give a guarantee under this section in such manner, and on such terms, as he thinks fit.
3
As soon as practicable after giving a guarantee under this section, the Secretary of State must lay a statement of the guarantee before Parliament.
4
If sums are paid out by the Secretary of State under a guarantee given under this section, the NDA must pay him—
a
such amounts in or towards the repayment to him of those sums as he may direct; and
b
interest, at such rates as he may direct, on amounts outstanding under this subsection.
5
Payments to the Secretary of State under subsection (4) must be made at such times, and in such manner, as he may from time to time direct.
6
Where a sum has been paid out by the Secretary of State under a guarantee given under this section, he must lay a statement relating to that sum before Parliament—
a
as soon as practicable after the end of the financial year in which that sum is paid out; and
b
as soon as practicable after the end of each subsequent relevant financial year.
7
In relation to a sum paid out under a guarantee, a financial year is a relevant financial year for the purposes of subsection (6) unless—
a
before the beginning of that year, the whole of that sum has been repaid to the Secretary of State under subsection (4); and
b
the NDA is not at any time during that year subject to a liability to pay interest on amounts that became due under that subsection in respect of that sum.
8
The approval of the Treasury is required—
a
for the giving of a guarantee under this section; and
b
for the giving by the Secretary of State of a direction under subsection (4) or (5).
9
The Secretary of State must pay sums received by him by virtue of subsection (4) into the Consolidated Fund.