The Arable Area Payments Regulations 1996

Rate of interest applicable where compensatory payments fall to be returned

16.—(1) This regulation applies where any compensatory payment is paid to a farmer by the Minister and, by virtue of Article 14(1) of Commission Regulation 3887/92 (whether applying directly or treated by these Regulations as applying), the farmer is required to reimburse all or part of that payment.

(2) Except where the Minister recovers from any person any compensatory payment made as a result of the error of that Minister, interest shall be charged at the rate of one percentage pont above LIBOR on a day-to-day basis for the period specified in that Article on the amount falling to be reimbursed as aforesaid.

(3) For the purposes of this regulation, LIBOR means the sterling three month London interbank offered rate in force during the period specified in the said Article 14(1).

(4) In any proceedings relating to this regulation, a certificate of the Minister stating the LIBOR applicable during a period specified in it shall be conclusive evidence of the rate applicable in that period if the certificate also states that the Bank of England notified the Minister of that rate.