Paragraph 3

In Article 2, at the end insert—

“In the application of Recommendation 2003/361/EC for the purposes of this Regulation, the Annex to that Recommendation has effect with the following modifications:

(a)

in Article 2(1)—

(i)

the reference to EUR 50 million has effect as a reference to £43.650 million;

(ii)

the reference to EUR 43 million has effect as a reference to £37.539 million;

(b)

in Article 2(2) the reference to EUR 10 million has effect as a reference to £8.730 million;

(c)

in Article 2(3) the reference to EUR 2 million has effect as a reference to £1.746 million;

(d)

in Article 3(2)—

(i)

in point (a), the reference to EUR 1,250,000 has effect as a reference to £1,091,250;

(ii)

in point (d), the reference to EUR 10 million has effect as a reference to £8.730 million.”.