Amendments to regulation 74 (repayment by fixed instalments)E+W
This section has no associated Explanatory Memorandum
57.—(1) The existing text of regulation 74 is renumbered as paragraph (1).
(2) In regulation 74(1), omit “calculated in accordance with regulation 76”.
(3) After regulation 74(1) insert—
“(2) The amount of the fixed instalment is the product of—
(a)the fixed instalment rate for the borrower’s loan, and
(b)the country-specific multiplier for the borrower’s country of residence.
(3) The fixed instalment rate for—
(a)a plan 1 loan is £246;
(b)a plan 2, 3 or 5 loan is calculated in accordance with regulation 74A.”.