Public Works Loan Board
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 the DMO on HM Treasury’s behalf in accordance with agreed procedures and methodologies which are described in a DMO Technical Note (118KB) last updated on 21 December 2012.
From 1 November 2012 a PWLB Certainty Rate was introduced alongside the existing PWLB Standard Rate.
Fixed Interest Rates
Fixed interest rates are based on gilt yields and are published twice a day, at 9:30am for start of business and 12:30pm. DMO reserves the right to make additional, unscheduled intra-daily rate changes as necessary.
Fixed Interest Rates: New Loans and Premature Repayment Rates
There are two sets of rates. The 'new loan' rates apply to fresh advances while the 'premature repayment' rates apply to loans being repaid early. New loan rates can take the form of a PWLB Standard
Rate or a PWLB Certainty Rate, whereas there is only one form of premature repayment rate.
National Loans Fund Interest Rates (NLF) and Acquisition of Land Compensation Rate
Information about National Loans Fund (NLF) Interest Rates and Acquisition of Land Compensation Rate are available on this website.
Variable Interest Rates
Variable interest rates are published at 9:30am each day and are based on general collateral repo rates for one, three and six months, as appropriate.
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.