Section 115 — Pensions Act 2004: Borrowing

Borrowing 115 1 The Board may—

a borrow from a deposit-taker such sums as it may from time to time require for exercising any of its functions;

b give security for any money borrowed by it.

2 The Board may not borrow under this section if the effect would be—

a to take the aggregate amount outstanding in respect of the principal of sums borrowed by it under this section over its borrowing limit, or b to increase the amount by which the aggregate amount so outstanding exceeds that limit.

3 In this section— “ borrowing limit ” means such limit as the Secretary of State may specify by order; “ deposit-taker ” means—

a person who has permission under Part 4A of the Financial Services and Markets Act 2000 (c. 8) to accept deposits, ... ...

4 The definition of “deposit-taker” in subsection (3) must be read with—

a section 22 of the Financial Services and Markets Act 2000, b any relevant order under that section, and c Schedule 2 to that Act.