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The Fisheries and Aquaculture Structures (Grants) (Wales) Regulations 2002

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Recovery of Interest

16.—(1) If the National Assembly decides to recover any amount under regulation 15, it may also recover on demand interest on that amount at a rate of 1 percentage point above LIBOR calculated on a daily basis for the period beginning on the day on which the financial assistance in question was paid until the National Assembly recovers the amount.

(2) In the case of any amount recoverable under regulation 15(4) above, interest recoverable under paragraph 16(1) above shall be calculated not from the day on which the financial assistance was paid, but from the day on which the event giving rise to the recovery occurred.

(3) In any proceedings relating to the recovery of such interest, a certificate issued by the National Assembly showing the rates of interest applicable, the amount of such interest recoverable and the period for which interest is calculated shall, unless the contrary is shown, be conclusive evidence of those matters.

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