Article 2 Calculation of interest

(1)

For the purposes of section 90C(12) of the Road Traffic Offenders Act 1988, the rate of interest payable shall be the Bank of England base rate at the beginning of the day that the payment of the appropriate amount was made.

(2)

In this article “Bank of England base rate” means—

(a)

the rate announced from time to time by the Monetary Policy Committee^f1 of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets, or

(b)

where an order under section 19 of the Bank of England Act 1998^f2 is in force, any equivalent rate determined by the Treasury under that section.

Annotations

Footnotes

f1: The Monetary Policy Committee was constituted on a statutory basis by section 13 of the Bank of England Act 1998 (c.11).
f2: 1998 c.11.