Decision ID: 002319

In October 1988 the 1971 Fund Assembly decided to maintain the current method of calculating interest on the credit balances on contributors accounts in accordance with Internal Regulation 3.11 (ie at the rate of the lowest London clearing bank base rate, taking into account any changes in the rates). The Assembly also decided to postpone until its 12th session any consideration of the question as to whether the 1971 Fund should be entitled to take loans from the contributors’ accounts. The Assembly further decided to amend Internal Regulation 3.10, simplifying the method of calculating interest on overdue contributions by charging interest, from the date on which payment was due at an annual rate which, for each period of twelve months from 1 February, should be 2% higher than the lowest London clearing bank base rate prevailing on 1 February.