Joint Committee on Statutory Instruments Fourth Report


Memorandum by the Northern Ireland Court Service


  1. This Memorandum is submitted at the request of the Joint Committee on Statutory Instruments in response to their letter of 11 June 1997 in which they asked for a Memorandum on the following point:

    "New Rule 32A of the 1979 Rules, inserted by Rule 3, establishes deposit and short-term investment accounts to be maintained in the Court Funds Office. Interest is to be paid at the rate of `4%' and `5%' respectively (paragraphs (2) and (3)). Indicate whether these percentage rates are annual rates and if so, why they are not expressly stated to be annual rates."

  2. The Committee is correct that the percentage rates of interest prescribed are annual rates. The Northern Ireland Court Service accepts that the drafting of the provision is unsatisfactory due to an error for which the Northern Ireland Court Services apologises.

  3. Rule 32A of the Court Funds Rules (Northern Ireland) 1979 will be amended to expressly state that the prescribed rates of interest are annual rates of interest at the earliest opportunity.

16th June 1997

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