S.I. No. 62/1999 - Prompt Payment of Accounts Act, 1997 (Rate of Interest Penalty) (Amendment) Order, 1999

I, MARY HARNEY, Minister for Enterprise, Trade and Employment, in exercise of the powers conferred on me by section 10 (1) of the Prompt Payment of Accounts Act, 1997 (No. 31 of 1997) (as adapted by the Enterprise and Employment (Alteration of Name of Department and Title of Minister), Order 1997 ( S.I. No. 305 of 1997 )), after consultation with the Minister for Finance, hereby order as follows:

1. (1) This Order may be cited as the Prompt Payment of Accounts Act, 1997 (Rate of Interest Penalty) (Amendment) Order, 1999.

(2) This Order shall come into operation on the 6th day of April, 1999.

2. This Prompt Payment of Accounts Act, 1997 (Rate of Interest Penalty) Order, 1997 ( S.I. No. 502 of 1997 ), is hereby amended by the substitution for Article 2 of the following Article:

“2. The rate of interest penalty payable pursuant to section 4 (2) of the Prompt Payment of Accounts Act, 1997 (No. 31 of 1997), is hereby fixed at 0.0274 per cent per day.”

EXPLANATORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

This Order sets out the interest rate which will be applicable on late payment, as required by Section 10 of the Act. It amends the rate set out in the previous Order ( S.I. No. 502 of 1997 ) which was effective from 2 January, 1998 to 5 April, 1999. The rate specified in this Order is 0.0274% per day, which is the equivalent of 10% per annum.