Overview

This bill authorizes the UK government to provide loans to Ireland. The bill sets a maximum loan amount, requires regular reporting to Parliament on the loans, and specifies how the repayments will be handled.

Description

The Loans to Ireland Bill allows the UK Treasury to make loans to the Irish government. The total amount of these loans cannot exceed £3,250 million between December 9th, 2010, and December 8th, 2015. However, the Treasury can increase this limit with parliamentary approval via a statutory instrument, except for adjustments solely to account for currency fluctuations (between sterling and the euro) during the initial period (December 9th, 2010, to 30 days after the bill's passage). The Treasury is required to submit semi-annual reports to the House of Commons detailing the loans, repayments, outstanding amounts, and loan terms. These reports will continue until there are no outstanding loans, repayments, or new loans for a reporting period.

Government Spending

The bill authorizes the UK government to spend up to £3,250 million on loans to Ireland. This figure can be increased with parliamentary approval. Repayments of principal and interest will be paid into the Consolidated Fund.

Groups Affected

• UK Government: Responsible for disbursing the loans and managing repayments.
• Irish Government: Receives the loans and is responsible for repayment.
• UK Parliament: Oversees the loan program through reporting requirements and potential approval of spending increases.
• UK Taxpayers: Ultimately responsible for covering any losses incurred from the loans.

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