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The Organic Farming Scheme (Wales) Regulations 2001
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- Wales Statutory Instruments
- 2001 No. 424 (W. 18)
- Regulation 17
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This is the original version (as it was originally made).
Recovery of interest
17.—(1) Where a payment of aid is made to a beneficiary by the National Assembly and, by virtue of Article 48(1) of the Commission Regulation (which provides for recovery of wrongful payments with interest) a reimbursement of all or part of the payment with interest is required, the rate of interest shall be one percentage point above the LIBOR on a day to day basis.
(2) For the purposes of this regulation, LIBOR means the sterling three month London interbank offered rate in force during the period specified in Article 48(1) of the Commission Regulation.
(3) In any proceedings relating to the recovery of interest in accordance with this regulation, a certificate of the National Assembly stating the LIBOR applicable during a period specified in the certificate shall be conclusive evidence of the rate applicable in the specified period if the certificate also states that the Bank of England notified the National Assembly of that rate.
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