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The Child Support and Social Security (Miscellaneous Amendments) Regulations (Northern Ireland) 2003

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Amendment of the Child Support (Arrears, Interest and Adjustment of Maintenance Assessments) Regulations

4.  In regulation 6 of the Child Support (Arrears, Interest and Adjustment of Maintenance Assessments) Regulations (Northern Ireland) 1992(1) (rate of interest and calculation of interest) –

(a)in paragraph (3) –

(i)for sub-paragraph (b) there shall be substituted the following sub-paragraph –

(b)the reference banks are the seven largest persons for the time being who –

(i)have permission under Part IV of the Financial Services and Markets Act 2000(2) to accept deposits;

(ii)are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and

(iii)quote a base rate in sterling; and, and

(ii)in sub-paragraph (c) for “an institution” there shall be substituted “a person referred to in sub-paragraph (b)” and for “its”, in both places where it occurs, there shall be substituted “his”;

(b)in paragraph (4) for “an institution” there shall be substituted “a person” and for “that institution” there shall be substituted “that person”; and

(c)after paragraph (5)(3) there shall be added the following paragraph –

(6) Paragraph (3)(b) must be read with –

(a)section 22 of the Financial Services and Markets Act 2000;

(b)any relevant order under that section; and

(c)Schedule 2 to that Act..

(1)

S.R. 1992 No. 342; relevant amending regulations are S.R. 1993 No. 164; regulation 6 is omitted, with savings, by regulations 2(5) and 5 of S.R. 2001 No. 15

(3)

Paragraph (5) was added by regulation 2(5) of S.R. 1993 No. 164

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