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Lending Rates
Rates effective from:
- Small Business Lending Rate from close of business on 20/12/07:
Secured 12.5%; Unsecured 14.5% - Allied Irish Bank (GB) Base Lending Rate 1.25% (previous rate 1.00%), effective from close of business 16 June 2022
Notes:
- The Allied Irish Bank (GB) Base Rate can go up or down. The Allied Irish Bank (GB) Base Rate is typically the same as the Bank of England Base Rate, although this may not always be the case. All lending facilities with a rate of interest linked to the Allied Irish Bank (GB) Base Rate will move in accordance with our base rate changes.
- All rates are variable (can change from time to time), unless otherwise stated.
- Subject to certain exceptions, interest will be paid net after deduction of tax at the basic rate under current legislation. If you are a higher rate taxpayer you may have additional tax to pay.
- Gross stands for contractual rate of interest payable before the deduction of income tax at the rate specified by law.
- AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
- * 'LIBOR' stands for the London Interbank Offered Rate. It is the most widely used benchmark or reference rate on the London wholesale money market. Further details of this can be obtained from the British Bankers' Association website (please also refer to the Related Information section for more information).
Effective from close of business on 01 July 2015: 0.572% #
The Bank's Managed LIBOR* Base Rate is a variable interest rate and accordingly will change from time to time. It is reviewed on a monthly basis as a minimum. The rate is determined on the last business day of each month using the average of the three month LIBOR rate published daily for that month. It is then rounded to 3 decimal places. Where a change to the Bank's Managed LIBOR Base Rate occurs it will become effective from the first business day of the following month.
For example: a new rate that will be effective from the first business day in June would have been calculated on the last business day in May based on the daily average of 3 month LIBOR in May.
# With effect from the 1st September 2014 the Bank will cease to use MLBR for new business lending. Existing facilities priced against MLBR will be moved to the Bank's Base Rate [which at the time of writing (Monday 28 July 2014) is 0.5%] as individual agreements expire, going forward facilities will now be priced against either the Bank's Base Rate or LIBOR. This change reflects the Bank's decision to simplify its customer offering.
* 'LIBOR' stands for the London Interbank Offered Rate. It is the most widely used benchmark or reference rate on the London wholesale money market. Further details of this can be obtained from the British Bankers' Association website (please also refer to the Related Information section for more information).
Effective from close of business on 01 July 2015: 0.572% #
The Bank's Managed LIBOR* Base Rate is a variable interest rate and accordingly will change from time to time. It is reviewed on a monthly basis as a minimum. The rate is determined on the last business day of each month using the average of the three month LIBOR rate published daily for that month. It is then rounded to 3 decimal places. Where a change to the Bank's Managed LIBOR Base Rate occurs it will become effective from the first business day of the following month.
For example: a new rate that will be effective from the first business day in June would have been calculated on the last business day in May based on the daily average of 3 month LIBOR in May.
# With effect from the 1st September 2014 the Bank will cease to use MLBR for new business lending. Existing facilities priced against MLBR will be moved to the Bank's Base Rate [which at the time of writing (Monday 28 July 2014) is 0.5%] as individual agreements expire, going forward facilities will now be priced against either the Bank's Base Rate or LIBOR. This change reflects the Bank's decision to simplify its customer offering.
* 'LIBOR' stands for the London Interbank Offered Rate. It is the most widely used benchmark or reference rate on the London wholesale money market. Further details of this can be obtained from the British Bankers' Association website (please also refer to the Related Information section for more information).