Clause 27 - Treasury loans

Dormant Assets Bill [Lords] – in a Public Bill Committee am 10:00 am ar 11 Ionawr 2022.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Question proposed, That the clause stand part of the Bill.

Photo of Nigel Huddleston Nigel Huddleston The Parliamentary Under-Secretary of State for Digital, Culture, Media and Sport

In recognition of Reclaim Fund Ltd’s new status as an NDPB of the Treasury, clause 27 enables the Treasury to provide a loan to RFL or any authorised reclaim fund that may be established in the future, as just discussed, if it ever becomes or is likely to become unable to meet its reclaim liabilities. That would support the reclaim fund until such a time as it is able to cover its cost with its own income. At that point, the Government would look to recoup their costs. That will ensure that customers continue to reclaim their assets in full at any time.

Question put and agreed to.

Clause 27 accordingly ordered to stand part of the Bill.