28R2. For the purposes of section 28 of the Act, the interest rate applicable to claims of the State shall be determined, for each quarter of the calendar year, according to the following rules:
(1) by establishing the simple arithmetic mean of the base rate for bank loans to businesses as published by the Bank of Canada on the last Wednesday of each of the months included in the 3-month period ending in the second month of the preceding quarter;
(2) by rounding off the result obtained in subparagraph 1 to the nearest whole number, one-half being rounded off to the lower whole number;
(3) by adding 3 percentage points to the result obtained in subparagraph 2.
The interest rate thus determined comes into force on the first day of the quarter.
O.C. 879-89, s. 1; O.C. 1078-92, s. 1; O.C. 1117-96, s. 1; O.C. 1466-98, s. 27.