The Education (Inner London Education Authority) (Repayment of Loans) Order 1990 No. 775

Article 5

SCHEDULE 3 CALCULATION OF INTEREST

The amount payable by each inner London council in each financial year is

where—

• A is the aggregate amount of interest payable by the LRB for that financial year in respect of those liabilities which passed to the LRB under section 177(1) of the Act and have not been discharged;

• B is the aggregate amount received by the LRB by way of interest for that financial year—

  (a)

  on those liabilities assumed by the institutions specified in Schedule 1 under section 199 of the Act, and

  (b)

  from Goldsmiths' College in respect of the sum referred to in article 3(2)(a)(iv);

• C is that proportion which that amount of the deemed borrowing of the inner London council concerned which remains outstanding on the first day of that financial year bears to the aggregate amount of the deemed borrowing of all the inner London councils outstanding on that day.