Statutory Instruments
2009 No. 498
Road Safety
The Road Safety (Financial Penalty Deposit) (Interest) Order 2009
Made
5th March 2009
Laid before Parliament
9th March 2009
Coming into force
31st March 2009
The Treasury make the following Order in exercise of the powers conferred on them by section 90C(12) of the Road Traffic Offenders Act 1988( 1 ).
In accordance with section 90E(2) of that Act, the Treasury have consulted with such representative organisations as appeared appropriate to them.
Citation and commencement
1. This Order may be cited as the Road Safety (Financial Penalty Deposit) (Interest) Order 2009 and shall come into force on 31st March 2009.
Calculation of interest
2. —(1) For the purposes of section 90C(12) of the Road Traffic Offenders Act 1988, the rate of interest payable shall be the Bank of England base rate at the beginning of the day that the payment of the appropriate amount was made.
(2) In this article “Bank of England base rate” means—
(a) the rate announced from time to time by the Monetary Policy Committee( 2 ) of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets, or
(b) where an order under section 19 of the Bank of England Act 1998( 3 ) is in force, any equivalent rate determined by the Treasury under that section.
Frank Roy
Tony Cunningham
Two of the Lords Commissioners of Her Majesty’s Treasury
5th March 2009
1988 c.53 . Part 3A (including sections 90A to 90E) was inserted by section 11 of the Road Safety Act 2006 (c. 49) . The “appropriate amount” is defined in section 90B(2). The amount of the deposit required is set out in the Road Safety (Financial Penalty Deposit) (Appropriate Amount) Order 2009 (S.I. 2009/ 492) .
The Monetary Policy Committee was constituted on a statutory basis by section 13 of the Bank of England Act 1998 (c.11) .