HC Deb 08 February 1979 vol 962 cc624-5

Queen's Recommendation having been signified—

Resolved, That, for the purposes of any Act of the present Session to reconstitute the Crown Agents for Oversea Governments and Administrations as a body corporate ('the Crown Agents') and make other provision with respect to them, including the establishment of a Board ('the Board') to realise certain of their assets, it is expedient to authorise— (1) the payment out of the National Loans Fund of any sums required to enable the Minister of Overseas Development ('the Minister') to make loans to the Crown Agents or the Board, subject to the following limits:—

  1. (a) the aggregate of—
    1. (i)the amounts outstanding in respect of the principal of the Crown Agents' commencing capital debt and of other money borrowed by them otherwise than from their wholly owned subsidiaries; and
    2. (ii) such other liabilities as, by virtue of the said Act, are to be taken into acount for the purposes of the limit on the Crown Agents' indebtedness,
    shall not at any time exceed £50 million (or up to £80 million by order);
  2. (b) the aggregate of—
    1. (i) the amounts outstanding in respect of the principal of money borrowed by the Board otherwise than from their subsidiaries; and
    2. (ii) the amounts outstanding in respect of the principal of money borrowed by any subsidiary of the Board otherwise than from the Board or another subsidiary of the Board,
    shall not at any time exceed £275 million (or up to £325 million by order);

(2) the payment out of the Consolidated Fund of any sums required to fulfil guarantees given by the Treasury in respect of sums borrowed by the Crown Agents or the Board or in respect of financial liabilities of the Board; (3) the payment out of money provided by Parliament of—

  1. (a) any sums required to enable the Minister to make grants to the Crown Agents or the Board;
  2. (b) any sums required to be paid out of money so provided for the purposes of any order dissolving or winding up the affairs of the Board; and
  3. (c) the administrative expenses of the Minister;

(4) the remission of—

  1. (a) the liability of the unincorporated Agents to make, at the direction of the Minister, repayments in respect of the 625 sums totalling £175 million paid to them by way of recoverable grant; and
  2. (b) any obligation of the unincorporated Agents to pay their revenues into the Consolidated Fund;
(5) the payment of any sums into the National Loans Fund or the Consolidated Fund; and for the purpose of this Resolution 'the unincorporated Agents' means the persons from time to time holding office under the Crown as the persons appointed to act as agents or trustees for overseas governments and administrations.—[Mr. John Evans.]