# The Local Authorities (Funds) (England) Regulations 1992, Regulation 8: Calculation of interest on amount of instalments

Extent: E+W

(1) Interest payable under regulation 7 in respect of an amount outstanding shall be calculated as the rate which is 2 per cent. above the highest base rate quoted by any of the reference banks at any time in the period for which that interest is payable.
(2) The interest shall be paid at the same time as the amount outstanding is paid.
(3) For the purposes of paragraph (1), the reference banks are the seven largest persons for the time being who—
(a) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,
(b) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and
(c) quote a base rate in sterling.
(4) For the purposes of paragraph (3), the size of a person is to be determined by reference to his total consolidated gross assets denominated in sterling, as shown in his audited end-year accounts last published before the period for which interest is payable begins.
(5) In this regulation—
“consolidated gross assets” of a person is a reference to the gross assets of that person together with any subsidiary (within the meaning of section 736 of the Companies Act 1985);
...
(6) Paragraph (3) must be read with—
(a) section 22 of the Financial Services and Markets Act 2000;
(b) any relevant order under that section; and
(c) Schedule 2 to that Act.

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Source: https://www.legislation.gov.uk/uksi/1992/2428/regulation/8 (the official version)
Page: https://openlegislation.uk/local-authorities-funds-england-regulations-1992/regulation-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.