No, let me explain. There are two separate subsections. Subsection (4) allows the loan to be increased substantively, but only with the authority and vote of this Parliament. If I were ever to seek a larger loan to Ireland, I would have to come here and get the vote of the House of Commons. That is what subsection (4) is about. I am making it clear that I have no intention at the moment of doing that, but subsection (4) provides for it, and would prevent us from having to pass further primary legislation. The protection for Members of Parliament is the same—they can keep a check on the Executive—because I would be required to get that affirmative resolution.
Subsections (5) and (6) refer to something different, which is the gap between the passage of the Bill and the signing of the loan agreement. There might be small movements in the exchange rate. We have signed up to this package of a contribution in euros, but we are making a sterling loan. As I explained earlier, I had the opportunity to sign the loan agreement and come retrospectively to seek parliamentary approval, but I am trying to do it the other way around because it gives Members of Parliament a much greater degree of control. That is why these two subsections are required.
Loans to Ireland Bill
Proceeding contribution from
George Osborne
(Conservative)
in the House of Commons on Wednesday, 15 December 2010.
It occurred during Debate on bills
and
Committee of the Whole House (HC) on Loans to Ireland Bill.
Type
Proceeding contribution
Reference
520 c936 
Session
2010-12
Chamber / Committee
House of Commons chamber
Subjects
Librarians' tools
Timestamp
2023-12-15 14:25:44 +0000
URI
http://data.parliament.uk/pimsdata/hansard/CONTRIBUTION_707797
In Indexing
http://indexing.parliament.uk/Content/Edit/1?uri=http://data.parliament.uk/pimsdata/hansard/CONTRIBUTION_707797
In Solr
https://search.parliament.uk/claw/solr/?id=http://data.parliament.uk/pimsdata/hansard/CONTRIBUTION_707797