Section 12 | EIGA 1991: further amendments

(1)The Export and Investment Guarantees Act 1991 is amended as follows.

(2)Repealed^F1

(3)In subsection (3) of that section, for paragraphs (a) and (b) substitute “ 26,200 million special drawing rights ”.

(4)In subsection (4) of that section—

(a)in paragraph (a)—

(i)for “either of the limits” substitute “ the limit ”;

(ii)omit “£5,000 million or, as the case may be,”;

(b)in paragraph (b)—

(i)for “either of the limits” substitute “ the limit ”;

(ii)omit “£3,000 million or, as the case may be,”;

(c)omit “but the Secretary of State shall not in respect of any limit exercise the power on more than three occasions”.

(5)At the end of subsection (4) of that section, insert “ after the commencement of section 12 of the Small Business, Enterprise and Employment Act 2015 ”.

(6)After subsection (4) of that section insert—

(4A)The Secretary of State must not in respect of either limit mentioned in subsection (4) exercise the power to make an order on more than three occasions.

(7)In subsection (5) of that section—

(a)omit paragraphs (c) and (d);

(b)in paragraph (e) omit “in foreign currency”.

(8)In subsection (6) of that section, for “(1)(b) or (3)(b)” substitute “ (1) or (3) ”.

(9)In section 7(2) of that Act (reports and returns), leave out “in sterling and in foreign currency”.

(10)In section 13 of that Act (Export Credits Guarantee Department and Export Guarantees Advisory Council), omit subsection (4).