Borrowing (1)

Meeting: 
MQT on 2015-07-15
Session date: 
July 15, 2015
Reference: 
2015/2246
Question By: 
Tom Copley
Organisation: 
Labour Group
Asked Of: 
The Mayor
Category: 

Question

What, if any, impact does additional borrowing by one of the GLA functional bodies have on the borrowing capacity of other functional bodies?

Answer

Answer for Borrowing (1)

Answer for Borrowing (1)

Answered By: 
The Mayor

 

Except where any additional borrowing was supported by a transfer of revenue resources between members of the GLA Group, particularly any transfers between the GLA and its Mayoral Development Corporations, there should be no impact of additional borrowing by one of the GLA's functional bodies on the borrowing capacity of other functional bodies. This is because borrowing by any member of the GLA Group has to be in accordance with CIPFA's Prudential Code and would be a separate and independent decision by that body.