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Regulation 3 Repayment interest rate

Original text. Later amendments are not shown.

(1)

Except where regulation 4 applies, the repayment interest rate is the higher of—

(a)

0.5% per annum, and

(b)

the percentage per annum found by applying the following formula—

B a n k   o f   E n g l a n d   r a t e   -   1 .
(2)

The repayment interest rate found in paragraph (1) applies on and after the operative date.