Regulation 9 Recovery of interest

Where premium is repayable by a recipient of premium by virtue of regulation 7(2)(b), 7(3)(b) or 8(3) above, the appropriate Minister shall also recover interest on the premium from the recipient.

Interest under this regulation is recoverable in respect of the period commencing on the date of payment of the premium and expiring on the date of its repayment, at the rate applied by the European Monetary Institute to its transactions in ecus as published in the ‘C’ series of the Official Journal of the European Communities, in force on the date of the undue payment and increased by three percentage points.