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Discharge by Minister for Finance of certain obligations of Company.
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2.—(1) The Minister for Finance may, after consultation with the Minister, enter into agreements, containing such terms and conditions as the Minister for Finance considers appropriate, for the discharge by the Minister for Finance of the Company's obligations to financial institutions incurred by the Company under financial contracts.
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(2) Payments by the Minister for Finance under agreements entered into pursuant to subsection (1) shall not in total exceed £200,000,000.
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(3) Subject to subsection (2), the Minister for Finance may discharge the obligations referred to in subsection (1) that are the subject of agreements under that subsection on the terms and conditions specified in the agreements.
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(4) Neither the entering into an agreement by the Minister for Finance under subsection (1) nor the discharge by him or her of an obligation under subsection (3) shall impose any liability on the Company to the Minister for Finance in respect of the agreement or discharge.
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(5) In this section, “financial contract” means a contract made between a financial institution and the Company providing for—
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(a) the raising of money by the Company by means of loans or debt instruments, or
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(b) any transaction of a normal banking nature.
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