§ Mr. Moateasked the Secretary of State for Trade if he will confirm that the borrowing powers of the Policyholders Protection Board can only be exercised in the anticipation of levies being raised from insurance companies and that there is no provision under the Policyholders Protection Act for the borrowing of funds for the purposes of administration or the remuneration of Board members except in circumstances where a levy is imposed or expected to be imposed.
§ Mr. Clinton DavisAdministrative expenses and approved remuneration are proper charges on the levies on insurance98W companies, which are the Board's main source of finance. But the Board may use its borrowing powers in order to postpone the need for levies.