14.—(1) If the Department decides to recover or to direct an agent to recover any amount under regulation 11 or 12, it may also recover on demand interest on the amount to be recovered, and the rate of interest shall be one percentage point above 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 between the date on which the Department or, as the case may be, the agent makes the payment to be recovered and the date on which the Department or, as the case may be, the agent recovers the payment.
(3) In any proceedings relating to the recovery of such interest, a certificate of the Department 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 Department of that rate.