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The Employment and Support Allowance Regulations (Northern Ireland) 2008
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The standard rate
13.—(1) The standard rate is the rate of interest applicable per annum to a loan which qualifies under this Schedule.
(2) Subject to sub-paragraph (3), the standard rate is 1.58 per cent. plus—
(a)the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets; or
(b)where an order under section 19 of the Bank of England Act 1998(1) (reserve powers) is in force, any equivalent rate determined by the Treasury under that section.
(3) The Department will determine the date from which the standard rate calculated in accordance with sub-paragraph (2) takes effect.
(1)
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