Loans to Ireland Bill (Allocation of Time)

Lady Hermon Excerpts

Wednesday 15th December 2010 Commons Chamber

[Mr Hoban]

I do not wish to pre-empt the remarks that my right hon. Friend the Chancellor of the Exchequer will make on Second Reading, but I can provide that assurance to my hon. Friend.

The Bill is needed to provide statutory authority for the Treasury to pay out the funds involved. Any loan agreement is contingent on obtaining that necessary authority. In improving the overall package of financial assistance to Ireland, our international partners need to be sure that the UK will have the necessary legislation in place to allow it to fulfil its part.

[Lady Hermon (North Down) (Ind)]

Will the Minister clarify one point that confuses me? The Bill is entitled the Loans to Ireland Bill, but the explanatory notes, which I know are not binding, keep referring to, and imply that there is, a single loan. How many loans will there be to Ireland? Is there a limit?

[Mr Hoban]

As my right hon. Friend the Chancellor will say in his speech, the loan will be disbursed in eight tranches, if called on by the Irish Government. That is the reason why the title is in the plural rather than in the singular.