Interest rate cap: consequential amendments 3
1
The 2009 Regulations are amended as follows.
2
In regulation 167 (deferral of repayment: initial training of teachers)—
a
in paragraph (3A)—
i
at the beginning of sub-paragraph (a), insert “if paragraph (3AA) does not apply,”
;
ii
for sub-paragraph (b), substitute—
b
if paragraph (3AA) applies, the interest rate cap within the meaning of regulation 20BA(4).
b
after paragraph (3A), insert—
3AA
This paragraph applies if, in relation to a month, the standard interest rate exceeds by 0.1 per cent or more the interest rate cap within the meaning of regulation 20BA(4).
3
In regulation 21A(11A)8 (interest rate on plan 2 loans), for paragraph (b), substitute—
b
regulation 20BA (interest rate cap: plan 2, plan 3 and plan 5 loans).
4
In regulation 21B9 (interest rate on plan 3 loans), for paragraph (4ZA), substitute—
4ZA
This regulation is subject to regulation 20BA (interest rate cap: plan 2, plan 3 and plan 5 loans).
5
In regulation 21C10 (interest rate on plan 5 loans), for paragraph (4), substitute—
4
This regulation is subject to regulation 20BA (interest rate cap: plan 2, plan 3 and plan 5 loans).