The FCO Services Trading Fund Order 2008

• Citation: S.I. 2008/590
• Sections: 5

Section 1 Citation and commencement

This Order may be cited as the FCO Services Trading Fund Order 2008 and shall come into force on 1st April 2008.

Section 2 Establishment of the Fund

(1) A trading fund, to be known as the FCO Services Trading Fund (“the fund”), shall be established from 1st April 2008 for the operations of the Foreign and Commonwealth Office undertaken by FCO Services from that date.

(2) The operations of FCO Services described in Schedule 1 shall be financed by means of the fund.

Section 3 Source of loans

The Secretary of State for Foreign and Commonwealth Affairs is designated as the source of issues to the fund by way of loan.

Section 4 Assets, liabilities, reserves and public dividend capital

(1) The Crown assets and liabilities set out in Schedule 2 shall be appropriated as assets and liabilities of the fund.

(2) The sum of £39,000, being part of the amount by which the values of those assets exceeds the amount of those liabilities, shall be treated as a revaluation reserve in the accounts of the fund, and the reserve so created shall be maintained as a revaluation reserve.

(3) The sum of £3,204,000, being part of the amount by which the value of those assets exceeds the amount of those liabilities shall be treated as public dividend capital.

Section 5 Maximum borrowing etc.

The aggregate of the following shall not exceed £30,000,000—

(a) the total outstanding at any given time in respect of amounts issued to the fund under section 2B of the Government Trading Funds Act 1973 (other than as originating debt); and

(b) the total at that time constituting public dividend capital issued to the fund under section 2A(2A) of the Government Trading Funds Act 1973.