# The Banking Act 1987 (Exempt Transactions) Regulations 1997, Paragraph 2: GENERAL


Paragraphs 31(b) and 32 of the Code refer to the use of compounded annual rate (“CAR”) as the rate equivalent to a “gross” rate, annualised to take account of the compounding of interest paid other than once a year.

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Source: https://www.legislation.gov.uk/uksi/1997/817/schedule/4/part/B/paragraph/2 (the official version)
Page: https://openlegislation.uk/banking-act-1987-exempt-transactions-regulations-1997/schedule-4/part-B/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.