Public Works Loan Board

Interest Rates

The Board's interest rates are determined by HM Treasury in accordance with section 5 of the National Loans Act 1968. In practice, rates are set by DMO on HM Treasury’s behalf in accordance with agreed procedures and methodologies.

Fixed Interest Rates

Fixed interest rates are based on gilt yields and are determined each night to take effect from start of business the next working day. DMO reserves the right exceptionally to change rates intra-day. From 1 November 2007 separate sets of rates have applied to new loans and the premature repayment of existing loans: see
Circular 141. On 28 September 2009 a consultation letter (65 KB) was published seeking views on the frequency of setting fixed rates; the deadline for responses is Friday 8 January 2010.

Fixed Interest Rates: New Loans and Premature Repayment Rates

Two sets of rates are shown below. The new loan rates apply to fresh advances while the premature repayment rates apply to loans being repaid early.

Current Fixed Rates: html	csv	pdf
Historical Fixed Rates: csv

Variable Interest Rates

Variable interest rates are determined at about 11 a.m. each day and are based on the general collateral repo rates for one, three and six months, as appropriate, as fixed by the British Bankers' Association on the day.

Current Variable Rates: html

Historical Variable Rates: csv

Fixed Higher Interest Rates

In the past, two sets of rates were determined: Higher quota rates and Lower quota rates. Each set applied both to new loans and premature repayments as appropriate. Higher quota rates, from 1 April 1994 until they were discontinued with effect from 1 April 2004, are available below.

Fixed higher rates: html

Other Interest Rates

Information about other rates determined by the Treasury is available on this website.