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Newfoundland and Labrador
Judgment Interest Regulations (Amendment)
Under the authority of section 8 of the Judgment Interest Act, the Lieutenant-Governor in Council makes the following regulations.
1. Section 2 of the Judgment Interest Regulations is repealed and the following substituted:
2. (1) The pre-judgment and post-judgment interest rate shall be established annually by taking the average Bank of Canada rate for the period of October and November of each year, rounded to the next higher whole number where the average Bank of Canada rate includes a fraction, minus 1%.
(2) Notwithstanding subsection (1), the pre-judgment and post-judgment interest rate shall not be less than 2%.
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