Overview

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

Description

The Loans to Ireland Bill allows the UK Treasury to make loans to Ireland. A maximum of £3,250 million can be loaned between December 9th, 2010, and December 8th, 2015. The Treasury can increase this limit with parliamentary approval, except for adjustments to account for currency fluctuations during the initial period (December 9th, 2010 to 30 days after the bill's passing). The Treasury must report semi-annually to the House of Commons on loan payments, repayments, outstanding amounts, loan terms, and original loan terms. Reporting ceases when no loans are outstanding and no activity occurs for a reporting period. All repayments go into the Consolidated Fund.

Government Spending

The bill authorizes government spending of up to £3,250 million on loans to Ireland. This figure can be increased by parliamentary order.

Groups Affected

This bill primarily affects:
• The UK Government: Responsible for providing the loans and managing the financial aspects.
• The Irish Government: The recipient of the loans.
• UK Parliament: Has oversight of the process through reporting requirements and the potential to approve increased loan amounts.

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