13Existing financial arrangements

13 Existing financial arrangements

13 Existing financial arrangements

(1) Any approval for a financial arrangement given under a provision of the Public Authorities (Financial Arrangements) Act 1987 continues in force as a financial arrangement approval under this Act (and may be amended and revoked accordingly)—

(a) for a joint financing arrangement or joint venture arrangement—until the arrangement ends, or

(b) for any other financial arrangement—for a period of 3 years after the replacement day for the Public Authorities (Financial Arrangements) Act 1987 unless the arrangement ends sooner.

(2) Any guarantees provided (or taken to have been provided) by or under the Public Authorities (Financial Arrangements) Act 1987 in relation to these financial arrangements continue to be in force until they end despite the repeal of that Act by the amending Act.

(3) In this clause—

approval, in relation to a financial arrangement, includes an exemption or other authorisation that permits entering into the arrangement.