Article 24 Variable rate credits

Where the credit agreement is a variable rate credit, Member States shall ensure that:

1. (a)

   any indexes or reference rates used to calculate the borrowing rate are clear, accessible, objective and verifiable by the parties to the credit agreement and the competent authorities; and

2. (b)

   historical records of indexes for calculating the borrowing rates are maintained either by the providers of these indexes or the creditors.