Schedule 1 AMOUNT IN THE NEW CURRENCY OF A PAYMENT REFERRED TO IN PARAGRAPHS (2) AND (3)(a) OF REGULATION 2

The amount in the new currency payable in respect of a payment referred to in paragraphs (2) and (3)(a) of regulation 2 shall be the amount corresponding to the amount in the old currency payable under the contract calculated as follows—

1. (a)

   for an amount or for so much of an amount as consists of one or more whole pounds the corresponding amount in the new currency is the same number of pounds; and

2. (b)

   for any whole two shillings or multiple thereof of an amount or remaining amount of less than one pound the corresponding amount in the new currency is ten new pence or that multiple thereof; and

3. (c)

   for an amount or remaining amount of less than two shillings shown in column 1 of the following table, the corresponding amount in the new currency is the amount (if any) in new pence shown opposite that amount in column 2 of that table and accordingly an amount or remaining amount of one penny shall be disregarded.