Amendment of regulation 3AB
7.—(1) Amend regulation 3AB(1) 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—
where RR is the reference rate referred to in paragraph (2).”.
(1)
Regulation 3AB was inserted by S.I. 1996/3187 and relevantly amended by S.I. 2008/778.