Minister for Justice and Attorney General Ano Pala in a statement said the new legislation reduced the annual interest rate awarded by the court on pre-judgment interest and post-judgment interest and costs for claims against the State from 8% to 2% annually.
The Judicial Proceeding Act, 2015 provided for an 8% interest on judgments to reflect the bank lending rates.
However, in the new legislation, the 2% applies only for pre-judgements and judgements made on, or after January 1, 2014.
