The circumstances currently prevailing are exceptional under each of two separate tests, which have recently been defined by the Society's board as follows:
1. Base Rate is less than or equal to 2.7%;
| |
Current Level |
Threshold |
Status |
| Bank of England Base Rate (updated 12/01/2012)‡ |
0.5% |
2.7% |
Exceptional circumstances still prevail |
OR
2. Base Rate minus the UK average Branch Easy Access savings rate (as published monthly by the Bank of England) is less than or equal to 2.5% for each of the three preceding months
| |
October |
November |
December |
Status |
| UK average Branch Instant savings rate (updated 12/01/2012)† |
0.3% |
0.31% |
0.31% |
Exceptional circumstances still prevail |
| Bank of England Base Rate |
0.5% |
0.5% |
0.5% |
| Difference between UK average Branch Instant savings rate and Bank of England Base Rate |
0.2% |
0.19% |
0.19% |
The circumstances will remain exceptional for as long as either one of these tests continue to be satisfied.
Overall Status:
Exceptional circumstances still prevail
We have promised to track the performance of these two tests and advise when they no longer prevail. When this happens, we will voluntarily reinstate the ceiling for customers who had the benefit of it under their mortgage terms, provided no other exceptional circumstances have arisen in the meantime.
‡Source: Bank of England
†Source: Bank of England