Regulation 18 Amendment of regulation 5

(1)

Amend regulation 5^f1 as follows.

(2)

In paragraph (2) for the words from “percentage” to the end substitute—

“higher of—

(a)
0.5% per annum, and

(b)
the percentage per annum found by applying the formula specified in paragraph (3).”.

(3)

For paragraph (3) substitute—

“(3)
The formula specified in this paragraph is—

RR - 1,

where RR is the reference rate referred to in paragraph (2).”.

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