12. Loans, Investments and Guarantees
12.1 Subject to the conditions of the HEFCE, the Finance Director shall be authorised to enter into short term borrowing to fund recurrent expenditure, to enable the University to carry on those activities which it has the power to carry on or to meet any liability transferred to it, under the provision of the Education Reform Act 1988. All borrowings shall be effected in the name of the University and shall be reported to the Board by the Finance Director.
12.2 All long term borrowings to finance Capital Expenditure should be in accordance with terms and conditions approved by the Board and subject, where appropriate, to the approval of the HEFCE.
12.3 Any guarantees for loan finance given by the University must be authorised by the Board and subject to the approval of the HEFCE.
12.4 Investments of the University shall be determined by the Finance Director in accordance with the policies determined by the Board and shall be in the name of the University or its nominees.
12.5 The Finance Director should report on the solvency of the University to each meeting of the Board.