# Biomass Processing Challenge Fund Regulations (Northern Ireland) 2010, Regulation 13: Recovery of interest

Extent: N.I.

(1) Where the Department exercises the power conferred by regulation 12(1)(b) it may also recover on demand interest on the financial support to be recovered for the period beginning with the day following that on which the financial support was paid and ending on the day on which the Department recovers it.
(2) The rate at which the interest is payable for any day in that period is one percentage point above LIBOR.
(3) For the purposes of paragraph (2) “LIBOR” means the sterling three month London interbank offered rate in force on the day in question, and in any proceedings relating to the recovery of such interest a certificate of the Department stating the LIBOR applicable for any day is conclusive evidence of the rate applicable for that day 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/2010/217/regulation/13 (the official version)
Page: https://openlegislation.uk/biomass-processing-challenge-fund-regulations-northern-ireland-2010/regulation-13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.