(1) With the approval of Parliament the Minister of Finance may guarantee, in such manner and on such conditions as he or she may think fit the payment of the principal, interest and other charges on any authorised borrowing by the Authority.
(2) Where the Minister of Finance is satisfied that there has been default in the payment of any principal or interest guaranteed under this section he or she shall direct the repayment out of the Consolidated Fund of the amount in respect of which there has been such default.
(3) The Authority shall make to the Accountant General, at such times and in such manner as the Minister of Finance may direct—
(a) payments of such amounts towards repayment of any sums issued in fulfilment of any guarantee given under this section;
(b) payment of interest on what is outstanding for the time being in respect of any sums so issued at such rate as the Minister of Finance may direct, and different rates of interest may be directed as regards different sums and as regards interest for different periods.