# The Local Authorities (Capital Finance) Regulations 1997, Paragraph 9

Extent: E+W
Status: prospective

Subject to paragraph 10, for the purposes of Part 2 of this Schedule, the amount in respect of interest for the current year shall be determined in accordance with the formula—
(S-T)×R where—
“S” is the total amount set aside by the authority under section 63(2) as provision to meet credit liabilities in respect of any commuted payments paid to them under section 157(1)(a);
“T” is the total amount which, at any time before the beginning of the current year, has been applied by the authority under section 64(2) for the purpose mentioned in regulation 157(1); and
“R” is a rate of interest which is expressed as a percentage with no more than three decimal places, and is equal to 0.125 per cent. less than the arithmetical mean of the London Inter-Bank Bid rates of interest for three month deposits published during the last year, at monthly intervals, by The Stationery Office.

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Source: https://www.legislation.gov.uk/uksi/1997/319/schedule/2/paragraph/9 (the official version)
Page: https://openlegislation.uk/local-authorities-capital-finance-regulations-1997/schedule-2/paragraph-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.