Regulation 5 Initial rates of interestI1

This regulation applies immediately on the coming into force of these Regulations until the first operative date after the coming into force of these Regulations.

The late payment interest rate and repayment interest rate shall be the respective percentages per annum found by applying regulation 3(1) and regulation 4(1) as if the references in those regulations to the Bank of England rate were references to the official bank rate announced at the meeting of the Bank of England Monetary Policy Committee on, or most recently before, the 13th working day before the coming into force of these Regulations.