[F111.—(1) The standard rate is the rate of interest applicable per annum to a loan which qualifies under this Schedule.
(2) Subject to [F2sub-paragraph (3)], the standard rate shall be 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 (reserve powers) is in force, any equivalent rate determined by the Treasury under that section.
(3) The Secretary of State shall determine the date from which the standard rate calculated in accordance with sub-paragraph (2) takes effect.]
F3(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 2 para. 11(1)-(6) substituted for Sch. 2 para. 11 (28.11.2004) by The Social Security (Housing Costs Amendments) Regulations 2004 (S.I. 2004/2825), regs. 1(2)(a), 2(4)(b)
F2Words in Sch. 2 para. 11(2) substituted (17.12.2007) by The Social Security (Housing Costs and Miscellaneous Amendments) Regulations 2007 (S.I. 2007/3183), regs. 1, 4(2)(c)(i)
F3Sch. 2 para. 11(4)-(6) omitted (17.12.2007) by virtue of The Social Security (Housing Costs and Miscellaneous Amendments) Regulations 2007 (S.I. 2007/3183), regs. 1, 4(2)(c)(ii)
Modifications etc. (not altering text)
C1Sch. 2 para. 11(2) sum confirmed (10.4.2006 for specified purposes and with effect in accordance with art. 1(2)(k)) by The Social Security Benefits Up Rating Order 2006 (S.I. 2006/645), arts. 1(2)(k), 24(11), Sch. 19
C2Sch. 2 para. 11(6) sum confirmed (10.4.2006 for specified purposes and with effect in accordance with art. 1(2)(k)) by The Social Security Benefits Up Rating Order 2006 (S.I. 2006/645), arts. 1(2)(k), 24(11), Sch. 19