Recovery of interest
12.—(1) Where a grant is paid under these Regulations by the Department and, by virtue of Article 73 of Commission Regulation 796/2004 (as applied by Article 70 of Commission Regulation 817/2004), a reimbursement of all or part of the payment with interest is required, the rate of interest shall be one percentage point above LIBOR on a day to day basis.
(2) For the purposes of this regulation, LIBOR means the sterling three month London interbank offered rate in force during the period specified in Article 73 of Commission Regulation 796/2004.
(3) In any proceedings relating to this regulation, a certificate of the Department stating the LIBOR applicable during a period specified in the certificate shall be conclusive evidence of the rate applicable in the specified period if the certificate also states that the Bank of England notified the Department of that rate.