# The State Aid (EU Exit) Regulations 2019, Regulation 58: Interest rate for recovery of aid


(1) The CMA must, for each calendar year, set and publish the recovery interest rate that is to be applied for the purpose of calculating the amount of interest payable under regulation 44.
(2) The CMA must set and publish the recovery interest rate—
(a) for the year 2019, on or before exit day; and
(b) for each subsequent year, on or before 1 January of that year.
(3) The CMA must also publish the recovery interest rate set by the CMA for all previous years at the same time as publishing the rate for the current year under paragraph (2).
(4) The CMA must set the recovery interest rate by—
(a) calculating the base rate in accordance with the interest rate methodology; and
(b) adding one percentage point to the base rate.
(5) If, during a year, the average base rate calculated over the previous three months deviates more than 15% from the base rate referred to in paragraph (4)(a), the CMA must set and publish a new rate for the remainder of the year that—
(a) is calculated by taking that average base rate and adding one percentage point; and
(b) takes effect from the first day of the second month following the months used for the calculation.
(6) In this regulation, the “interest rate methodology” means the methodology included in the CMA statement of policy on the revision of the method for setting the reference and discount rates published under Part 6, or any successor statement of policy.

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Source: https://www.legislation.gov.uk/ukdsi/2019/9780111178768/regulation/58 (the official version)
Page: https://openlegislation.uk/draft-state-aid-eu-exit-regulations-2019/regulation-58
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.