Postal Services Bill

67: After Clause 34, insert the following new Clause— ““Indebtedness of potential USP (1) OFCOM, in designating a postal operator as a universal service provider (USP), must take into account the financial indebtedness as a proportion of the value of the company of any potential USP, and may limit this indebtedness to such a percentage as OFCOM may from time to time determine. (2) For the purposes of this section— (a) ““financial indebtedness”” means, at any time, the aggregate outstanding principal, capital or nominal amount of any indebtedness of the company calculated in accordance with guidelines published by OFCOM, and (b) ““value of the company”” means the value of the company’s assets calculated in accordance with guidelines published by OFCOM and taking into account the timing of material transactions affecting that value.””