1. This Order may be cited as the Northern Ireland (Loans) (Increase of Limit) Order 1995 and shall come into force on 31st March 1995.

2. The limit in section 1(2) of the Northern Ireland (Loans) Act 1975(3) is hereby increased by £300 million to£2,000 million.

Explanatory Note

(This note is not part of the Order)

Section 1(2) of the Northern Ireland (Loans) Act 1975, as amended, specifies a maximum of £1,700 million for the aggregate amount outstanding by way of principal in respect of certain loans (namely, loans by the Secretary of State to the Consolidated Fund of Northern Ireland under section 1(1) of the Act, and loans under previous enactments specified in section 1(3) of the Act). Section 1(5) of the Act, as applied by section 1(2) of the Northern Ireland (Loans) Act 1985, allows the Secretary of State to raise the maximum, on not more than one occasion, by not more than £300 million. This Order exercises that power by increasing the limit to £2,000 million.