“… it would neither be practical nor proportionate (even in a case involving as large sums as these) to attempt a minute assessment of what will precisely compensate the recipient. In particular, the courts do not have regard to the rate at which a particular recipient of compensation might have borrowed funds. This policy is adopted in order to control the extent of the enquiry to ascertain an appropriate rate: see Banque Keyser … the court will, however, consider the general characteristics of the recipient in order to decide whether to assess interest at a rate that is higher or lower than is conventional. So, for example, in Jaura v Ahmed[2002] EWCA Civ 2010 , Rix LJ awarded interest at the base rate plus 3% to reflect that “small businessmen” had been kept out of their money and in recognition of the “real cost of borrowing incurred by such a class of businessmen”
“Amounts quoted in € do not confer any contractual entitlement to be paid in €. Unless otherwise stated, all elements will be paid in local currency converted using the 2006 average exchange rates provided by Finance of€1 : GBP.6826 …”
“The claim is for payment in Euros because under the Claimants’ Contracts the payments are due in Euros. We certify that, according to Bloomberg, the rate current in London on29 January 2009 for the purchase of Euros was€1 =£0.9055 and at this rate the debt, or specified amount claimed,€16,715,500 , amounts to£15,135,885 . ”
“As against the First Defendant: (1) Payment of the sums set out in the Schedule, alternatively damages in the said sum or their sterling equivalent as at the date that they should have been paid”