Regulation 7 Amendment of regulation 3AB

Amend regulation 3AB^f1 as follows.

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).”.

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).”.