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The Financial Provisions (Northern Ireland) Order 1989

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Government loansN.I.

Art. 6 rep. by 1992 NI 1

Additional interest on arrears of variable interest loansN.I.

7.—(1) In Article 9 of the Financial Provisions (Northern Ireland) Order 1983 (terms, etc., of government loans)—

(a)in paragraph (5) (publication of notices in the Belfast Gazette), after sub‐paragraph ( a ) there shall be inserted the following sub‐paragraph—

(aa)the rates of interest chargeable under Article 12 in respect of any variable interest loan or class of variable interest loans specified in the notice; and ;

(b)in paragraph (5A) (rates of interest may be stated using formula) after the words “paragraph (5)(a )” there shall be inserted the words “ or (aa ) ” .

(2) In Article 12 of that Order (additional interest on arrears of government loans)—

(a)in paragraph (1) (interest chargeable when more than thirty‐one days in arrear), for the words “government loan” there shall be substituted the words “ variable interest loan is in arrear or in respect of any government loan which is not a variable interest loan ” ;

(b)after that paragraph there shall be inserted the following paragraph—

(1A) The rate of interest charged under paragraph (1) in respect of a variable interest loan shall be such as may be determined by the Department under Article 9. ;

(c)in paragraph (2) (calculation of rate of additional interest on arrears of government loans) after the words “paragraph (1)” there shall be inserted the words “ in respect of a government loan which is not a variable interest loan ” .

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