(1) This section makes provision about the circumstances in which the Treasury's power of direction under section 61 is exercisable, subject to the provisions of that section.

(2) Where a public funds notification has been given, the power of direction is exercisable by reference to the notification unless the notification has been superseded by a notification under section 59(3).

(3) Where qualifying financial assistance has been provided, the power of direction is exercisable by reference to the provision of the assistance unless it appears to the Treasury that the assistance has been recovered.

(4) It is immaterial for the purposes of subsection (3)  -

(a) whether the qualifying financial assistance was provided before or after the commencement of this section, and

(b) whether or not a public funds notification had been given in connection with it.

(5) For the purposes of this Part qualifying financial assistance is provided if, and only if -