Business Banking Reference Rates

Business Loans

Reference Lending Rates for Bank of Ireland Business/Private Banking.

Except for Business Banking Term Loan Variable Rate for Consumers, the rates quoted below do not include the Bank’s lending margin which is added to give the gross rate applicable to the individual loan. This information is provided in loan documentation provided to the client prior to drawdown. These rates are published to comply with the Consumer Protection Code, paragraph 6.7b (for personal consumers) or the Lending to Small & Medium Sized Enterprises Regulations 2015 (for non personal consumers) and are updated during the day as they become available.

Bank of England Rate

The Bank of England Base/Bank Rate is used in the calculation of the interest rate on your loan if your loan from Bank of Ireland is in £ Sterling and if your signed Loan Offer Letter (as amended from time to time) states that the interest rate applicable to your £ Sterling loan is to be calculated using the Bank of England Base/Bank Rate.

Please note that this rate is set by the Bank of England and is published on https://www.bankofengland.co.uk

Bank of Ireland is not responsible for the information on third party websites.

Small Business Rates

For small business, our standard rate for unsecured loans up to €120,000 is 6.92% variable. Lower rates may be available where security is provided. How much can I afford to borrow? The illustrative examples in the table below provides examples of loan repayments for various loan amounts over 3 and 5 year periods.

Loan Amount Variable Rate Repayment Term Monthly Repayment Total Cost of Credit
€5,000 6.92% 36 months €154.11 €547.96
€5,000 6.92% 60 months €98.72 €923.20
€10,000 6.92% 36 months €308.22 €1,095.92
€10,000 6.92% 60 months €197.45 €1,847.00
€20,000 6.92% 36 months €616.45 €2,192.20
€20,000 6.92% 60 months €394.90 €3,694.00
€50,000 6.92% 36 months €1,541.12 €5,480.32
€50,000 6.92% 60 months €987.24 €9,234.40

Business Banking Reference Rates for New Business (Consumer and Business)

Rate Name Rate 3 Month 6 Month 9 Month 12 Month
Small Business Agri rate 1.44% - - - -
Bank Cost of Funds (BCOF) - 1.13% 1.58% - 1.98%
Euribor (365 day) - 2.638% 3.071% - 3.483%
Euribor (360 day) - 2.602% 3.029% - 3.435%
Term SOFR - 4.72335% 4.93219% - 5.03191%
SBCI Bank Cost of Funds - - 0.76% - -
Business Banking Term Loan Variable Rate For Consumers 5.50% - - - -
Prime Rate for Consumers 0.42% - - - -

Business Banking Rates (not available for new lending)

 
Rate Name Rate 1 Week 2 Week 1 Month 2 Month 3 Month 6 Month 9 Month 12 Month
BOI Prime Rate 2.60% - - - - - - - -
BOI Business Prime 1.44% - - - - - - - -
Term Loan Legacy Rate 1.96% - - - - - - - -
BOI Commercial Prime Rate 2.90% - - - - - - - -
Danske Prime 1 1.10% - - - - - - - -
Bank Cost of Funds (BCOF) - 0.91% 0.92% 0.94% 1.01% - - - -
Bank Euro Rate (BER) - -0.377% - -0.367% - -0.316% -0.247% - -0.142%
Bank Euro Business Rate (BEBR) - - - - - 0.01% 0.01% - 0.01%
Private Banking – Cost of Funds (COF) Euro Rate (360 day) - 0.36% - 0.37% - 0.42% 0.48% - 0.59%
Euribor (365 day) 2 - 2.323% - 2.394% - - - - -
Euribor (360 day) - 2.291% - 2.361% - - - - -
Private Banking – GBP Cost of Funds (COF) - 0.71% - 0.73% 0.77% 0.89% 1.00% - 1.14%
Private Banking USD Cost of Funds (360 day) - 2.22% - 2.320% 2.470% 2.680% 2.890% - 3.110%
USD Cost of Funds / LIBOR - - - 4.58071% - 4.84500% 5.13500% - 5.44000%
JPY Cost of Funds/ Synthetic LIBOR - - - -0.06005% - -0.02617% - - -
GBP Cost of Funds / Synthetic LIBOR - - - 3.96330% - 4.16430% 4.47020% - -
Term Loan Legacy Rate for Consumers 1.96% - - - - - - - -
Private Banking – Cost of Funds Euro Rate (PB COF) - 0.00% - 0.00% - 0.000% 0.000% - 0.000%
Bank Euro Rate for Consumers - -0.38% - -0.370% - -0.320% -0.260% - -0.150%

Warning: The cost of your repayments may increase.

Warning: If you do not meet the repayments on your credit facility agreement, your account will go into arrears, this may affect your credit rating which may limit your ability to access credit in the future.
1 For loans purchased from Danske Bank.
2 As of December 3rd 2018 the European Money Markets Institute (EMMI) ceased to publish their 2 week, 2 month and 9 month Euribor benchmark rates. Until further notice they will only publish Euro benchmark rates for the following periods; O/N, 1 week, 1 month, 3 months, 6 months & 12 months