# The Further Education (Attribution of Surpluses and Deficits) Regulations 1993, Regulation 7


(1) Beginning on 1st April 1993 interest at the relevant rate shall be payable on any unpaid amount for the time being due or to become due under regulation 6 above.
(2) Interest shall accrue from day to day compounded with six-monthly rests and shall be paid at the same time as payments are made under regulation 6 above.
(3) In this regulation “the relevant rate” means the London Inter-Bank Bid Rate (LIBID) for three month deposit less one eighth of one percentage point.

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Source: https://www.legislation.gov.uk/uksi/1993/609/regulation/7 (the official version)
Page: https://openlegislation.uk/further-education-attribution-of-surpluses-and-deficits-regulations-1993/regulation-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.