OpenLegislation

Division 1

United Kingdom

Original text. Later amendments are not shown.

How will the interest on the amount of aid to be recovered be calculatedf1?

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Footnotes

f1

In accordance with the Commission communication on the interest rates to be applied when aid granted unlawfully is being recovered (OJ C 110, 8.5.2003, p. 21), the reference rate is to be applied on a compound basis. The calculation of compound interest, compounding on a yearly basis, uses the formula: Interest = [Capital (1 + Interest rate) Number of years] — Capital.