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Article 3 Rate of interestI1

Northern Ireland Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Interest shall—

(a)

subject to paragraph (2), be applied at the same rate as is in force, during the period for which it is to be calculated, in relation to decrees in the county court;

(b)

be calculated as simple interest which accrues from day to day.

(2)

Where the rate of interest applied under paragraph (1)(a) has varied during a period for which interest is to be calculated, the tribunal may, if it so desires in the interests of simplicity, apply such median or average of those rates as seems to it appropriate.

Annotations

Commencement

I1

Art. 3 in operation at 4.8.1997, see art. 1(1)