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).