# The Jobseeker’s Allowance Regulations (Northern Ireland) 1996, Paragraph 11: The standard rate

Extent: N.I.
Status: prospective

(1) The standard rate is the rate of interest applicable to a loan which qualifies under this Schedule and—
(a) except where sub-paragraph (2) applies, is 7·74 per cent. per annum, or
(b) where sub-paragraph (2) applies, shall equal the actual rate of interest charged on the loan on the day the housing costs first fall to be met.
(2) This sub-paragraph applies where the actual rate of interest charged on the loan which qualifies under this Schedule is less than 5 per cent. per annum on the day the housing costs first fall to be met and ceases to apply when the actual rate of interest on that loan is 5 per cent. per annum or higher.
(3) Where in a case to which sub-paragraph (2) applies, the actual rate of interest on the loan rises to 5 per cent. per annum or higher, the standard rate applicable on that loan shall be determined in accordance with sub-paragraph (1)(a).

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Source: https://www.legislation.gov.uk/nisr/1996/198/schedule/2/paragraph/11 (the official version)
Page: https://openlegislation.uk/jobseekers-allowance-regulations-northern-ireland-1996/schedule-2/paragraph-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.