Regulation 14 of the Education (Student Loans) (Scotland) Regulations 2007 effectively provides that that the interest rate applied to Income Contingent Loans is to be the lower of: (i) a rate equal to the annual percentage increase in the retail price index (RPI) (the RPI rate), or (ii) the highest of the base rates used by a pool of banks (including the Bank of England) plus 1% (the Base Rate).