These Regulations amend Schedule 3 to the Income Support (General) Regulations (Northern Ireland) 1987 with respect to the standard rate of interest applicable to a loan which qualifies for income support. The rate is decreased from 8.24 per cent. to 7.75 per cent. (regulation 2). The Regulations also revoke, with a saving provision, the Income Support (General) (Standard Interest Rate Amendment) Regulations (Northern Ireland) 1999 which made a previous amendment to the standard rate of interest (regulation 3).

These Regulations make in relation to Northern Ireland only provision corresponding to provision contained in Regulations made by the Secretary of State for Social Security in relation to Great Britain and accordingly, by virtue of section 149(3) of, and paragraph 10 of Schedule 5 to, the Social Security Administration (Northern Ireland) Act 1992 (c. 8), are not subject to the requirement of section 149(2) of that Act for prior reference to the Social Security Advisory Committee.