The Board of the Pension Protection Fund (“the Board”) is established under section 107 of the Pensions Act 2004 (c. 35) (“the Act”). Section 115(1) of the Act enables the Board to borrow such sums as it may require for exercising any of its functions. Section 115(2) of the Act provides that the Board may not borrow if to do so would take the aggregate amount outstanding of the principal sums borrowed by it over its borrowing limit or increase the amount by which the outstanding aggregate amount exceeds that limit.