Fatman

Where can I find a record of Barclays' base lending rate?

imlach

By phoning them and asking them, or perhaps looking at their website?

Matt Churchill

If you mean Base Rate as set by the Bank of England, which all Banks use, then there is a link to a spreadsheet here....

http://www.bankofengland.co.uk/Links/setframe.html

imlach

Of course, the bank is free to set it's own base lending rate.....

Tiggs

ask the halifax

imlach

It's 8%.

(or rather, don't believe anything you read on here - ask the people that DO know)

Fatman

I was hoping that it would be published on the Barclays website. Perhaps it is and I couldn't find it! Thanks Matt, but I do need Barclays' rate and not the BOE base rate.

ProperCharlie

do they have a "base" rate? IME they set their interest rate to suit the particular client. had a meeting with barclays a while ago, part of the conversation went:

- our arrangement fee will be 3.5%
- no it won't
- well, we could make it 2.5%
- let's say 1.5%
- 2%?
- ok, 2%

later, in the pub, the bank manager told me that he could have gone as low as 1.5%, but seeing as how that was where we pitched in, he felt obliged to go a little higher.

in other words, everything is negotiable.

fwiw, they are currently quoting 6.6% APR as their SVR. Glad I don't have a mortgage with them!

Pete The Biker

I think you will find that all the major banks' Base Rates move in tandem with the BoE Base Rate - always have............


Pete The Biker

Matt Churchill

The base rate set by the Bank of England is the one that all banks use. It is the only base rate there is, there is a rate called the LIBOR - London Inter Bank Offer Rate - again there is only one of these.

If you need Barclays' base rate it will always be the same as the one set by the Bank of England. Are you sure it is this which you need?

If you need a fixed rate cost of funds used by Barclays, then if you contact them they can let you know this for any particular date, as there will be a number of different ones based on type of loan concerned and length of the fixed rate.

Appreciate you might not want to say what you want it for on here, but if you want to pm me, feel free.

Matt

Fatman

It's for work. A contract I'm working with dictates that a certain debt incurs interest at a rate which is linked to the Barclays base rate. It's a contractual clause which hasn't been used before, so I'm trying to find the rate which most closely matches that wording.

TelBoy

Have you called Barclays to ask them?

Fatman

No, not yet. Will do so on Monday unless I find an appropriate reference beforehand.

Matt Churchill

If that is what you want, then use the Bank of England one, as all Barclays will do is change the rate they use every time the Bank of England does.

Trashman

If it's a contract I believe something to the effect of "the base rate as set by Barclays of London at that time" is sufficient. It only has to reference the source and not the actual rate which will fluctuate anyway. For instance when I re-wrote maintenance agreements at work, there was a similar reference: "will accrue interest at x% above the base rate set by Anyname Bank." and that was enough. it can be any bank, including Bank Of England. It is merely a point of reference. It is customary to reference your own Bankers though I believe.

FWIW, the other party will probably dispute it anyway

Fatman

I'm not drafting a contract, I'm going to act upon an existing one.

Jamo

iTrader: (23)

i think they use a typical do they not? and then change it as they see fit as per your credit "risk"

Trashman

**** - Saturday challenge or what


Anyway - it's 4.5%

Well 99% sure - Woolwich reference the Barclay's Base rate and state their standard tracker is at 0.85% above Barclay's Base. Currently that is 5.35% therefore Base Rate is 4.5%

HTH - now I'm going to lie down

Oh yes and that is the same as BoE - all use the same 'Base Rate' then set whatever they like over this for diff products. Didn't someone say that earlier

imlach

...which is why the best people to answer the question is the man from Barclays himself

Think how many man-hours have gone into this thread, versus a 0.05 man-hour taken up in a phone call

Matt Churchill

Fatman, assumed you wanted to know historic rates, not simply what it is now. If what it is now is your only concern, it is 4.5%.

The link to the Bank of England above, will match (to the exact date) the rate Barclays uses. Barclays would only ever refer you to this source, and do not have it on their own website, as it is repetition.

Fatman

That's fine - thanks. I only need the rates current over the last two months or so. I'll dig it out of the BoE site.

TelBoy

So what did Barclays say?

Fatman

They said it's generally linked to the BoE rate. However, it's not published in their website. Recent rates have been...
5th Feb '04 -> 6th May '04: 4.00%
6th May '04 -> 10th June '04: 4.25%
10th June '04 -> current: 4.50%

TelBoy

"Generally" linked?!!

Whenever it isn't linked, please let me know, i could make a LOT of money from it!!

Sheesh, why can't they employ people with a bit of backbone and conviction about what they're talking about?!

ProperCharlie

Tel - was going to say the same thing. Imagine the conversation at Barclays HQ:

"hey, i notice that the BoE has increased interest rates"
"really? more tea?"
"yeah, it's 4.5% now, or something like that. pass the sugar."
"should we increase or base rate? they are generally linked, aren't they?"
"yes, i suppose we should. are there any biscuits in the tin?"
"well, i'll see about sorting it out tomorrow... or maybe the day after..."

Fatman

lol... I guess they chap didn't want to appear to be dictating future Barclays PLC interest rate policy.

Mungo

Actually there are loads of LIBORs - depending on the currency and how long a period you're talking about. The overnight rate might be quite different to the 1 year rate. And it's set daily, whereas the BoE rate isn't.
LIBOR is generally used as a benchmark market rate.

TelBoy

BBAM1, anyone?

Fatman

que?

TelBoy

Hehehe, don't worry, it's just a Bloomberg page of Libor rates that all the other financial professionals here will probably recognise.

Maybe you could direct Mr Cover My **** from Barlcays to it?