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Supply Chain Development Programme Grant Regulations (Northern Ireland) 2008

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Recovery of interest

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14.—(1) If the Department decides to recover, or to direct an agent to recover, any amount under regulation 11 or 12, it may also recover on demand or, as the case may be, direct an agent to recover on demand interest on the amount to be recovered for the period beginning with the day following that on which the financial support was paid and ending on the day on which the Department or, as the case may be, the agent recovers it.

(2) The rate at which the interest is payable for any day in that period is one percentage point above LIBOR.

(3) For the purposes of paragraph (2) “LIBOR” means the sterling three-month London interbank offered rate in force on the day in question, and in any proceedings relating to the recovery of such interest a certificate of the Department stating the LIBOR applicable for any day is conclusive evidence of the rate applicable for that day if the certificate also states that the Bank of England notified the Department of that rate.

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