Section 111 — Housing and Planning Act 2016: Indemnities: repayment by registered provider etc

Indemnities: repayment by registered provider etc 111 1 This section applies where a sum is paid out by the Secretary of State in consequence of an indemnity agreed to under section 110 in relation to the housing administrator of a registered provider.

2 The registered provider must pay the Secretary of State—

a such amounts in or towards the repayment to the Secretary of State of that sum as the Secretary of State may direct, and b interest on amounts outstanding under this subsection at such rates as the Secretary of State may direct.

3 The payments must be made by the registered provider at such times and in such manner as the Secretary of State may determine.

4 Subsection (2) does not apply in the case of a sum paid by the Secretary of State for indemnifying a person in respect of a liability to the registered provider.

5 The Secretary of State must lay before Parliament a statement, relating to the sum paid out in consequence of the indemnity—

a as soon as practicable after the end of the financial year in which the sum is paid out, and b if subsection (2) applies to the sum, as soon as practicable after the end of each subsequent financial year in relation to which the repayment condition has not been met.

6 The repayment condition is met in relation to a financial year if—

a the whole of the sum has been repaid to the Secretary of State before the beginning of the year, and b the registered provider was not at any time during the year liable to pay interest on amounts that became due in respect of the sum.