ICC Bank (Amendment) Act, 1997

Increase in borrowing powers of Company.

2.—Paragraph 4 of the Schedule to the Industrial Credit Act, 1933 , is hereby amended by the substitution in clause (i) of subparagraph (d) (inserted by section 5 of the Industrial Credit (Amendment) Act, 1971 ) of “£2,300,000,000” for “£1,300,000,000” (inserted by section 5 of the ICC Bank Act, 1992 ), and the said clause, as so amended, is set out in the Table to this section.


(i) the amount so raised or borrowed and standing unpaid at any particular time shall not exceed £2,300,000,000 less the amount (if any) which the Minister has, under a guarantee or guarantees given by him, paid in respect of the principal of moneys raised or borrowed by the Company and which stands at that time not repaid to the Minister by the Company,