Mr. Fornes's statement would have to qualify as "a declaration against penal interests" for Father Towle's account of it to be admitted into court.

On interest rates: let us be very clear that countries should not be charged penal interest rates.

In United States law, a statement against penal interest is a statement that puts the statement-maker at risk of prosecution.

At present we have a government trying to run a free-enterprise economy having willingly hamstrung itself by fixed exchange rates and penal interest rates.

(4) For arrears of taxes due to Local Governments from different payees penal interest at 2% per month may be charged.

In money lending, penal interest is punitive interest charged by a lender to a borrower if installments are not paid according to the loan terms.

As the Financial Times headline said on 6 March, 'Bank imposes penal interest to hold line on base lending rate.'

The defaulter bank pays penal interest at the rate of 3% per annum above the Bank Rate, on the shortfall amount for that particular day.

Mr. Fornes's statement would have to qualify as "a declaration against penal interests" for Father Towle's account of it to be admitted into court.

Jailhouse informants, who report hearsay (admissions against penal interest) which they claim to have heard while the accused is in pretrial detention, usually in exchange for sentence reductions or other inducements, have been the focus of particular controversy.

But, according to the Circular, released by the Department of Banking Operations and Development, Reserve Bank of India; if the defaulter bank continues to default on the next working day, then the rate of penal interest can be increased to 5% per annum above the Bank Rate.