News Release
Practical Issues Arising From Introduction of the Euro
16 September 1996
In accordance with the terms of the notice dated 22 September 1992, the Bank of England announces that the rate of interest payable on the above stock for the interest payment due on 21 April 1997 will be £2.4698 per £100 nominal of stock.
Notes to Editors
The relevant paragraphs of the notice are as follows:-
10 For the purposes of this notice, the Index figure applicable to any month will be the Index figure issued seven months prior to the relevant month and relating to the month before that prior month; "month" means calendar month; and the Index ratio applicable to any month will be equal to the Index figure applicable to that month divided by the Index figure applicable to September 1992.
13 Each subsequent half-yearly interest payment will be at a rate, per £100 nominal of Stock, of £2.1875 multiplied by the Index ratio applicable to the month in which the payment falls due.
14 The rate of interest for each interest payment other than the first, expressed as a percentage in pounds sterling to four places of decimals rounded to the nearest figure below, will be announced by the Bank of England not later than the business day immediately preceding the date of the previous interest payment.
