Citation and commencement

1.  This Order may be cited as the Government of Wales Act 2006 (Variation of Borrowing Power) Order 2018 and comes into force on 1st December 2018.

Amendment to section 121 of the Government of Wales Act 2006

2.  In section 121(1A) of the Government of Wales Act 2006(3), after the word "loan", insert "or by the issue of bonds (but not bonds transferable by delivery)".

EXPLANATORY NOTE

(This note is not part of the Order)

This Order amends section 121(1A) of the Government of Wales Act 2006 (c.32). Section 121(1A) provides that the Welsh Ministers may, with the approval of the Treasury, borrow by way of loan sums required by them for the purpose of meeting capital expenditure. The Order provides that, in addition to being able to borrow by loan, the Welsh Ministers can also issue bonds (other than bonds transferable by delivery).

An impact assessment has not been produced for this instrument as no negative impact on the costs of the private or voluntary sectors is foreseen. Further information is available from the Office of the Secretary of State for Wales, Gwydyr House, Whitehall, London, SW1A 2NP and on https://www.gov.uk/government/organisations/office-of-the-secretary-of-state-for-wales. An Explanatory Memorandum is available alongside the instrument at www.legislation.gov.uk.