Official Bank Rate and Service level agreement: Difference between pages

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1. ''UK.''
(SLA).  


The official reference interest rate for the UK determined by the Bank of England's Monetary Policy Committee (MPC).
#An SLA formalises the relationship between a bank's customer and its bank, by covering the minimum standards of service expected by the customer - including key performance indicators (KPIs) - and agreed to by the bank.
#SLAs are also used between one bank and another. For example, where a bank provides services to its own customers indirectly, through a correspondent bank.
#More generally, any similar agreement between a customer and a service provider.


The Official Bank Rate is the rate used for certain key transactions between the Bank of England ('the Bank') and financial institutions.
It is designed to have the effect of determining the level of near risk-free interest rates throughout the UK financial sector.
It is used by many financial institutions when setting interest rates for certain of their products.


== See also ==
* [[Alliance bank]]
* [[Correspondent banking]]
* [[Key performance indicator]]
* [[Report card]]
* [[SLA partner banking]]


The Official Bank Rate is often known - externally to the Bank - as the 'Bank of England Base Rate' (BBR).
[[Category:Compliance_and_audit]]
 
Within the Bank of England, it is often abbreviated to 'the Bank Rate'.
 
 
2.
 
Similar interest rates in other jurisdictions.
 
 
== See also ==
* [[Bank of England]]
* [[Bank Rate]]
* [[Base rate]]
* [[Monetary Policy Committee]]
* [[MLR]]
* [[Reference rate]]
* [[Term Funding Scheme]]

Revision as of 12:34, 5 April 2016

(SLA).

  1. An SLA formalises the relationship between a bank's customer and its bank, by covering the minimum standards of service expected by the customer - including key performance indicators (KPIs) - and agreed to by the bank.
  2. SLAs are also used between one bank and another. For example, where a bank provides services to its own customers indirectly, through a correspondent bank.
  3. More generally, any similar agreement between a customer and a service provider.


See also