Financial autonomy of benefit Branches

(1) Except as provided in these Regulations, each of the three benefit Branches specified in Regulation 3 shall be financially autonomous, that is to say, income allotted to one 214 Social Security benefit Branch shall not be used to cover expenditure relating to another Branch: Provided that– (a) if there is a temporary insufficiency in any one Branch, the Board may authorise the temporary transfer of an amount that may be necessary from another Branch; (b) an amount transferred under sub–paragraph (a) shall be repaid to the lending Branch by the borrowing Branch as soon thereafter as possible with payment of interest at such rate as the Board may determine; (c) if the insufficiency mentioned in paragraph (a) continues beyond a period of three months the Board, while authorising a temporary transfer of the necessary amounts, shall seek actuarial advice in accordance with paragraph (3) of Regulation 17. (2) Separate income and expenditure accounts shall be established and maintained for each of these benefit Branches, and shall be prepared in accordance with Part IV of these Regulations. (3) Separate Reserves shall be established and maintained in respect of each of the benefit Branches in accordance with Part IV of these Regulations. Social Security 215