Prime V's Base Rates?

[HostBidder]

I've seen a bank quoting their interest rate as so much above the prime rate, on a loan offer.

Is the prime rate for one bank (at a particular time) the same as the prime rate for all other banks at that time?

Is there a difference between prime rate and base rate?

Any useful links to sites with info on this area would be appreciated.

Thanks!

 

[ClubMan]

Any chance the prime rate is simply the ECB main refinancing rate?

 

[HostBidder]

I don't actually know ClubMan, the bank in question simply describe it as "The Bank's Prime Rate"

 

[Bank Manager]

If you have a loan offer, the definition of Prime Rate should be included in that letter - if not - ask why not.................


BM

 

[HostBidder]

Will do BM, thanks for the suggestion.