Regulation 16 Recovery of interest

If the Minister decides to recover any amount under regulation 15, he may also recover on demand interest on that amount at a rate of 1 percentage point above LIBOR calculated on a daily basis for the period beginning on the day on which the financial assistance in question was paid and ending when the Minister recovers the amount.

In any proceedings relating to the recovery of such interest a certificate issued by the Minister showing the rate or rates of interest applicable, the amount of such interest recoverable and the period for which interest is calculated shall, unless the contrary is shown, be conclusive evidence of those matters.