
1 
These Regulations may be cited as the Export Refunds (Administrative Penalties) (Rate of Interest) Regulations 1995 and shall come into force on 1st December 1995.
2 
The interest rate applying for the calculation of any interest payable pursuant to article 11 of Commission Regulation (EEC) No. 3665/87 laying down common detailed rules for the application of the system of export refunds on agricultural products, as amended, (sanctions to be applied where an export refund in excess of that applicable has been requested or an export refund has been unduly paid) shall be one percentage point above the sterling three month London interbank offered rate.
Tony Baldry
Minister of State, Ministry of Agriculture, Fisheries and Food
31st October 1995Lindsay
Parliamentary Under-Secretary of State, Scottish Office
2nd November 1995