Lord Howard of Rising:

Moved by Lord Howard of Rising

9: Clause 1, page 1, line 26, at end insert—“(c) borrowing by the Commissioners must not exceed an amount equal to 200% of capital and reserves of the Crown Estate.”

My Lords, I thank the Minister for accepting the principle that there should be a limit on lending; 25% is probably more than I would have liked to go for, but nevertheless I am grateful that the principle has been accepted. That would probably be better in statute than in a memorandum of understanding, but perhaps I could reflect on that. Really, the Minister has taken the wind out of the sails of my Amendment 9, so I beg leave to withdraw it.

As the noble Lord has spoken to the amendment, the Government may reply if they so wish.

No.

Amendment 9 withdrawn.

Amendments 10 and 11 not moved.

Clause 1 agreed.

Clause 2: Number of Crown Estate Commissioners and their salaries and expenses