Explanatory note

These Regulations further amend the Public Works Loans (Fees) Regulations 1991 by increasing the fee for the advance of one category of loan secured solely on the revenues of the borrower. Hitherto, a fee of £25 has been charged in respect of the advance of a fixed rate loan where this is coupled with the premature repayment of a variable rate loan (and effectively represents the conversion of a loan from one at a variable rate into one at a fixed rate). These Regulations increase that fee to £70 (the same as that charged, under regulation 3(2A) of the 1991 Regulations, on the conversion of a fixed rate loan to a variable rate loan).