Clause 1 — United Kingdom loans to Ireland

Part of Loans to Ireland Bill (Allocation of Time) – in the House of Commons at 4:28 pm on 15th December 2010.

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Photo of Lindsay Hoyle Lindsay Hoyle Deputy Speaker and Chairman of Ways and Means, Chair, Panel of Chairs, Chairman of Ways and Means, Chair, Panel of Chairs 4:28 pm, 15th December 2010

With this it will be convenient to discuss the following:

Amendment 7, page 1, line 7, at end insert-

'(3A) Any loans made under this Act, and any repayment of principal or payment of interest received thereunder, shall be denominated in sterling.'.

Amendment 4, page 1, leave out lines 8 to 18.

Amendment 6, page 1, line 18, at end insert-

'(7A) Before determining the interest to be charged on any payments under this Act, the Treasury must specify the rate of interest by order; and the Treasury may not make such an order unless-

(a) the House of Commons has determined by resolution the rate of interest to be charged; and

(b) the order provides for that specified rate to be charged.'.

Amendment 8, page 1, line 20, at end insert-

'(8A) All loans made under this Act shall be repaid by 8 December 2040.'.

Amendment 10, page 1, line 20, at end insert-

'(8A) Before any loan or binding offer of a loan is made, or guarantee given, under this section, the relevant agreement must be laid before, and approved by a resolution of, the House of Commons.'.

Clause stand part.