CHAPTER 9 U.K. FOREIGN CURRENCY LOANS AND VARIABLE RATE LOANS

Article 24 U.K. Variable rate credits

Where the credit agreement is a variable rate credit, Member States shall ensure that:

(a)

any indexes or reference rates used to calculate the borrowing rate are clear, accessible, objective and verifiable by the parties to the credit agreement and the competent authorities; and

(b)

historical records of indexes for calculating the borrowing rates are maintained either by the providers of these indexes or the creditors.