(1) For the application of Part II of the Consumer Credit Act 1995 (No. 24 of 1995) (in this Regulation called "the Act of 1995") to advertising to which Regulation 7 applies, the annual percentage rate (in that Part called "APR") shall be determined in accordance with the definition of "annual percentage rate of charge" in Regulation 6(1) and the formulae set out in Schedule 1.

(2) Subject to paragraph (4), Parts III (other than sections 30(1) and (4)), IV (other than sections 42, 46, 47 and 48) and V of the Act of 1995 do not apply in relation to a credit agreement to which Parts 2 to 7 apply.

(3) Where a creditor communicates with a consumer or guarantor in writing, section 45 of the Act of 1995 applies to the communication.

(4) Paragraph (2) does not affect the operation of any provision of Part III, IV or V of the Act of 1995 in relation to a contract of guarantee that relates to a credit agreement.