The Board of the Pension Protection Fund1 may: (1) borrow from a deposit-taker2 such sums as it may from time to time require for exercising any of its functions; (2) give security for any money borrowed by it3. The Board may not borrow if the effect would be: (a) to take the aggregate amount outstanding in respect of the principal of sums borrowed by it over its borrowing limit4; or (b) to increase the amount by which the aggregate amount so outstanding exceeds that limit5.
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