Regulation 24 Recalculation of credit amountsI1

England, Wales and Scotland

(1)

Paragraph (2) applies where by T-7 the total amount received (“TAR”) by the Settlement Body from payers (including by draw down of supplier credit cover) in respect of invoices issued under regulation 22 for a reconciliation run is less than TAP as calculated under regulation 20(5) or 21(7) (as appropriate to the reconciliation run being carried out).

(2)

Where this paragraph applies, the Settlement Body must—

(a)

recalculate the amounts due to each creditor as calculated under regulation 20 or 21 before making any adjustments under regulation 20(7) or 21(9), by reducing each credit payable by the same proportion that TAP bears to TAR; and

(b)

make any adjustments under regulation 20(7) or 21(9) in respect of mutualisation credits to the amount recalculated under sub-paragraph (a).

(3)

The Settlement Body must issue to each creditor a credit note for the amount recalculated under paragraph (2).

Annotations

Commencement

I1: Reg. 24 in force at 18.12.2014, see reg. 1(2)