G-8 and Official Bank Rate: Difference between pages

From ACT Wiki
(Difference between pages)
Jump to navigationJump to search
imported>Doug Williamson
(Make old date less specific.)
 
imported>Doug Williamson
(Add link.)
 
Line 1: Line 1:
Loosely, a group of 8 industrialised countries comprising Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and the United States. The European Union is also represented.  
1. ''UK.''


More strictly, a meeting of the heads of government from those countries.
The official reference interest rate for the UK determined by the Bank of England's Monetary Policy Committee (MPC).


Also known as the 'Group of Eight' or 'G8'.
The Official Bank Rate is the rate used for certain key transactions between the Bank of England ('the Bank') and financial institutions.


==== Suspension of Russia ====
It is designed to have the effect of determining the level of near risk-free interest rates throughout the UK financial sector.


Meetings of the G-8 were suspended in March 2014 due to Russian involvement in Crimea. Subsequently, the member countries of the G-8, excluding Russia, have met as the G-7.  
 
It is used by many financial institutions when setting interest rates for certain of their products.
 
 
The Official Bank Rate is often known - externally to the Bank - as the 'Bank of England Base Rate' (BBR).
 
Within the Bank of England, it is often abbreviated to 'the Bank Rate'.
 
 
2.  ''International.''
 
Similar interest rates in other jurisdictions.




== See also ==
== See also ==
* [[G-20]]
* [[Bank of England]]
* [[G-7]]
* [[Bank Rate]]
* [[G-77]]
* [[Base rate]]
* [[Monetary Policy Committee]]  (MPC)
* [[MLR]]
* [[Reference rate]]
* [[Term Funding Scheme]]
 
 
==See also==
*[https://www.bankofengland.co.uk/monetary-policy/the-interest-rate-bank-rate The Bank Rate - Bank of England]
 
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Corporate_finance]]
[[Category:Investment]]
[[Category:Long_term_funding]]
[[Category:Identify_and_assess_risks]]
[[Category:Manage_risks]]
[[Category:Risk_frameworks]]
[[Category:Cash_management]]
[[Category:Financial_products_and_markets]]
[[Category:Liquidity_management]]

Revision as of 13:40, 29 December 2021

1. UK.

The official reference interest rate for the UK determined by the Bank of England's Monetary Policy Committee (MPC).

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.


The Official Bank Rate is often known - externally to the Bank - as the 'Bank of England Base Rate' (BBR).

Within the Bank of England, it is often abbreviated to 'the Bank Rate'.


2. International.

Similar interest rates in other jurisdictions.


See also


See also