# Arable Area Payments Regulations (Northern Ireland) 1997, Regulation 16: Rate of interest applicable where compensatory payments fall to be returned

Extent: N.I.
Status: prospective

(1) This regulation applies where any compensatory payment is paid to a farmer by the Department and, by virtue of Article 14(1) of Commission Regulation 3887/92 (whether applying directly or treated by these Regulations as applying), the farmer is required to reimburse all or part of that payment.
(2) Except where the Department recovers from any person any compensatory payment made as a result of the error of the Department, interest shall be charged at the rate of one percentage point above LIBOR on a day-to-day basis for the period specified in Article 14 of that Regulation on the amount falling to be so reimbursed.
(3) For the purposes of this regulation, LIBOR means the sterling three month London interbank offered rate in force during the period specified in Article 14(1) of Commission Regulation 3887/92.
(4) In any proceedings relating to this regulation, a certificate of the Department stating the LIBOR applicable during a period specified in it shall be conclusive evidence of the rate applicable in that period if the certificate also states that the Bank of England notified the Department of that rate.

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Source: https://www.legislation.gov.uk/nisr/1997/477/regulation/16 (the official version)
Page: https://openlegislation.uk/arable-area-payments-regulations-northern-ireland-1997/regulation-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.