20 Borrowing by the Welsh Ministers
Wales Act 2014 (2014 c 29) | Legislation

Borrowing

20  Borrowing by the Welsh Ministers

(1)     GOWA 2006 is amended as follows.

(2)     Section 121 (borrowing by Welsh Ministers) is amended in accordance with subsections (3) to (5).

(3)     For subsection (1) substitute—

“(1)     The Welsh Ministers may borrow from the Secretary of State—

(a)     any amounts it appears to them are required by them for the purpose of meeting a temporary excess of sums paid out of the Welsh Consolidated Fund over sums paid into that Fund,

(b)     any amounts it appears to them are required by them for the purpose of providing a working balance in the Welsh Consolidated Fund, and

(c)     any amounts which in accordance with rules determined by the Treasury are required by the Welsh Ministers to meet current expenditure because of a shortfall in receipts

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