where—

• “G” is the aggregate of the following amounts—

  1. a

     where commuted payments were calculated by the Secretary of State on the basis of calculations of periodic payments contained in a notice given by the authority, the amount of periodic payments which, according to the notice, the authority would have received in the current year if no payments had been commuted; and

  2. b

     the total amount, if any, calculated by the authority for the current year in accordance with Part IV of Schedule 6 to the 1990 Regulations;

• “I” is the amount of interest savings determined in accordance with paragraph 6;

• “IR” is the amount in respect of interest determined in accordance with paragraph 9; and

• “M” is the amount of the authority’s minimum revenue provision savings determined for the current year in accordance with Part 3 of this Schedule.

where—

• “ACC” is the authority’s adjusted credit ceiling on the last day of the last year;

• “D” is the total amount of the authority’s relevant debts;

• “H” is two per cent. of the amount, if any, by which the authority’s housing amount for the current year is reduced in consequence of—

  1. a

     the setting aside of any amount in accordance with section 63(2) in respect of a commuted payment; or

  2. b

     any reduction in the authority’s credit ceiling by virtue of the making of a commuted payment to the Public Works Loan Commissioners139; and

• “MC” is an amount equal to the aggregate of—

  1. a

     the authority’s minimum revenue provision savings determined in accordance with Part II of Schedule 6 to the 1990 Regulations140 for the financial years beginning on the 1st April 1992, 1993, 1994, 1995 and 1996;

  2. b

     where the current year is a financial year beginning after 31st March 1998, the authority’s minimum revenue provision savings determined for the financial year ending on that date and for any other financial year ending before the beginning of the current year;

  3. c

     the authority’s commutation adjustments determined in accordance with Part III of Schedule 6 to the 1990 Regulations for the financial years beginning on 1st April 1992, 1993, 1994, 1995 and 1996; and

  4. d

     where the current year is a financial year beginning after 31st March 1998, the authority’s commutation adjustment determined for the financial year ending on that date and for any other financial year ending before the beginning of the current year.

where

• “D”, “H” and “MC” have the same meanings as in paragraph 3.

where—

• “D” and “MC” have the same meanings as in paragraph 4; and

• “DI” is the aggregate of the amounts calculated in accordance with paragraph 7.

where—

• “S” is the total amount set aside by the authority under section 63(2) as provision to meet credit liabilities in respect of any commuted payments paid to them under section 157(1)(a);

• “T” is the total amount which, at any time before the beginning of the current year, has been applied by the authority under section 64(2) for the purpose mentioned in regulation 157(1); and

• “R” is a rate of interest which is expressed as a percentage with no more than three decimal places, and is equal to 0.125 per cent. less than the arithmetical mean of the London Inter-Bank Bid rates of interest for three month deposits published during the last year, at monthly intervals, by The Stationery Office.