CHAPTER 9

FOREIGN CURRENCY LOANS AND VARIABLE RATE LOANS

Variable rate credits
Article 24
Where the credit agreement is a variable rate credit, Member States shall ensure that:
1. 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
2. historical records of indexes for calculating the borrowing rates are maintained either by the providers of these indexes or the creditors.