This section applies where a sum is paid out by the Secretary of State in consequence of an indemnity agreed to under section 110 in relation to the housing administrator of a registered provider.
The registered provider must pay the Secretary of State—
such amounts in or towards the repayment to the Secretary of State of that sum as the Secretary of State may direct, and
interest on amounts outstanding under this subsection at such rates as the Secretary of State may direct.
The payments must be made by the registered provider at such times and in such manner as the Secretary of State may determine.
Subsection (2) does not apply in the case of a sum paid by the Secretary of State for indemnifying a person in respect of a liability to the registered provider.
The Secretary of State must lay before Parliament a statement, relating to the sum paid out in consequence of the indemnity—
as soon as practicable after the end of the financial year in which the sum is paid out, and
if subsection (2) applies to the sum, as soon as practicable after the end of each subsequent financial year in relation to which the repayment condition has not been met.
The repayment condition is met in relation to a financial year if—
the whole of the sum has been repaid to the Secretary of State before the beginning of the year, and
the registered provider was not at any time during the year liable to pay interest on amounts that became due in respect of the sum.