HC Deb 09 January 1990 vol 164 cc913-4

Queen's Recommendation having been signified—

Resolved, That, for the purposes of any Act resulting from the Enterprise and New Towns (Scotland) Bill ("the Act") it is expedient to authorise—

(1) the payment out of money provided by Parliament of—

  1. (a) sums required by the Secretary of State for paying sums to Scottish Enterprise in respect of the exercise of its functions, other than those to which public dividend capital relates, and in respect of its administrative expenses, so long as the relevant aggregate amount outstanding shall not exceed £1,500 million;
  2. (b) sums required by the Secretary of State for paying grants to Highlands and Islands Enterprise in respect of expenses incurred by it in the exercise of its functions and powers;
  3. (c) sums required by the Secretary of State by virtue of the Act for paying grants under the New Towns (Scotland) Act 1968 in respect of a disposal of land by a development corporation, or of any transfer of lands under a transfer order, or of expenditure incurred or to be incurred in providing facilities specified in the said Act of 1968;
  4. (d) sums required by the Secretary of State for paying public dividend capital to Scottish Enterprise, so long as the relevant aggregate amount outstanding shall not exceed £1,500 million;
  5. (e) sums required by the Secretary of State to defray any deficit arising from, by virtue of the Act, the winding up under the New Towns (Scotland) Act 1968 of a development corporation;
  6. (f) increases attributable to the Act in the sums payable out of money so provided under any other Act;
  7. (g) administrative expenses incurred by the Secretary of State or the Treasury in consequence of the provisions of the Act;

(2) the payment out of the Consolidated Fund of any sums required by the Treasury for fulfilling guarantees given by them in respect of sums borrowed by Scottish Enterprise from persons other than the Secretary of State, so long as the relevant aggregate amount outstanding shall not exceed £1,500 million;

(3) the payment out of the National Loans Fund of any sums required by the Secretary of State for making loans to Scottish Enterprise for the purposes of the exercise of any of its functions, so long as the relevant aggregate amount outstanding shall not exceed £1,500 million;

(4) the reduction of the assets of the National Loans Fund by amounts corresponding to such liabilities of a development corporation to the Secretary of State in respect of advances made by the Secretary of State to that corporation as the Secretary of State may by virtue of the Act by Order extinguish under the New Towns (Scotland) Act 1968.

In this Resolution— development corporation" has the same meaning as in the New Towns (Scotland) Act 1968; general external borrowing" has the same meaning as in the Act; public dividend capital" has the same meaning as in Schedule 2 to the Act but includes such capital within the meaning of Schedule 2 to the Scottish Development Agency Act 1975; relevant aggregate amount outstanding" means the aggregate amount outstanding, otherwise than by way of interest, in respect of—

  1. (a) the general external borrowing of—
    1. (i) Scottish Enterprise and its subsidiaries; and
    2. (ii) the Scottish Development Agency;
  2. (b) sums issued by the Treasury in fulfilment of guarantees under Schedule 2 to the Act or Schedule 2 to the Scottish Development Agency Act 1975, being sums which have not been repaid to the Treasury;
    3. 914
  3. (c) sums paid to Scottish Enterprise by the Secretary of State out of money provided by parliament but with there being deducted—
    1. (i) any such sums repaid to the Secretary of State by the body other than in consideration of the receipt of public dividend capital;
    2. (ii) any such sums paid in respect of enhancing skills and capacities relevant to employment in Scotland and assisting persons to establish themselves as self-employed persons there; and
    3. (iii) any such sums paid in respect of the administrative expenses of Scottish Enterprise;
  4. (d) sums paid to the Scottish Development Agency by the Secretary of State out of money provided by Parliament but with their being deducted—
    1. (i) any such sums repaid to the Secretary of State, other than in consideration of the receipt of public dividend capital, being sums repaid either by the Scottish Development Agency or by Scottish Enterprise; and
    2. (ii) any such sums paid in respect of the administrative expenses of the Scottish Development Agency; and
  5. (e) loans guaranteed by Scottish Enterprise and by any of its subsidiaries;

subsidiary" has the meaning given by section 736 of the Companies Act 1985; and transfer order" has the same meaning as in the New Towns (Scotland) Act 1968 as amended by the Act. —[Mr. Greg Knight.]