# The Financial Provisions (Northern Ireland) Order 1983, Article 12: Additional interest on arrears of government loans


(1) Where any sum payable (whether for interest or as an instalment of principal or as a periodical payment of an annuity or rentcharge or otherwise) by the borrower in respect of any variable interest loan is in arrear or in respect of any government loan which is not a variable interest loan is in arrear for more than thirty-one days, the Department may, notwithstanding any rule of law to the contrary, charge and recover interest on that sum from that borrower from—
(a) the date when that sum became due, until
(b) the date when that sum is paid.
(1A) The rate of interest charged under paragraph (1) in respect of a variable interest loan shall be such as may be determined by the Department under Article 9.
(2) The rate of interest charged under paragraph (1) in respect of a government loan which is not a variable interest loan shall be the aggregate of—
(a) the relevant rate in force on the date when the sum referred to in that paragraph became due; and
(b) 2½ per cent., per annum.
(3) In this Article “relevant rate” means the rate of interest specified in a notice published under Article 9 as the normal rate for local or public loans for periods up to five years and repayable by annuity.

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Source: https://www.legislation.gov.uk/nisi/1983/147/article/12 (the official version)
Page: https://openlegislation.uk/financial-provisions-northern-ireland-order-1983/article-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.