Regulation 3 Interest rate cap: consequential amendments

(1)

The 2009 Regulations are amended as follows.

(2)

In regulation 16^f1 (deferral of repayment: initial training of teachers)—

(a)

in paragraph (3A)—

(i)

at the beginning of sub-paragraph (a), insert “if paragraph (3AA) does not apply,”;

(ii)

for sub-paragraph (b), substitute—

“(b)

if paragraph (3AA) applies, the interest rate cap within the meaning of regulation 20BA(4).”;

(b)

after paragraph (3A), insert—

“(3AA)

This paragraph applies if, in relation to a month, the standard interest rate exceeds by 0.1 per cent or more the interest rate cap within the meaning of regulation 20BA(4).”.

(3)

In regulation 21A(11A)^f2 (interest rate on plan 2 loans), for paragraph (b), substitute—

“(b)

regulation 20BA (interest rate cap: plan 2, plan 3 and plan 5 loans).”.

(4)

In regulation 21B^f3 (interest rate on plan 3 loans), for paragraph (4ZA), substitute—

“(4ZA)

This regulation is subject to regulation 20BA (interest rate cap: plan 2, plan 3 and plan 5 loans).”.

(5)

In regulation 21C^f4 (interest rate on plan 5 loans), for paragraph (4), substitute—

“(4)

This regulation is subject to regulation 20BA (interest rate cap: plan 2, plan 3 and plan 5 loans).”.

Annotations

Footnotes

f1: Regulation 16 was amended by S.I. 2011/784 and 2022/1335.
f2: Regulation 21A was inserted by S.I. 2012/1309 and amended by S.I. 2013/607; 2013/1881; 2018/284; 2019/189; 2022/1151; 2022/1335.
f3: Regulation 21B was inserted by S.I. 2017/831 and amended by S.I. 2022/1151; 2022/1335.
f4: Regulation 21C was inserted by S.I. 2022/1335.