Bank Base Rates Definition

 

Bank’s Base Rates – for credit facilities in Euro entered into on or after 1 January 2008

Bank Base Rate (BBR)

 The Bank Base Rate (BBR) is calculated as the sum of:

(a) The weighted average of the cost of euro-denominated deposits in the Republic of Cyprus with agreed maturity up to 2 years (according to the Central Bank of Cyprus’ index⁽¹⁾) and the Bank’s cost of wholesale funding, and

(b) The fixed spread of 2.24%.

The BBR is revised on a quarterly basis (15 March, 15 June, 15 September & 15 December of each year (“Adjustment Dates”)⁽²⁾.

The Bank Base Rate (BBR) is calculated as follows:

Bank Business Base Rate (BBBR)

The Bank Business Base Rate (BBBR) is calculated as the sum of:

(a) The weighted average of the cost of euro-denominated deposits in the Republic of Cyprus with agreed maturity up to 2 years (according to the Central Bank of Cyprus’ index⁽¹⁾) and the Bank’s cost of wholesale funding, and

(b) The fixed spread of 1.24%.

The BBBR is revised on a quarterly basis (15 March, 15 June, 15 September & 15 December of each year (“Adjustment Dates”)⁽²⁾.

The Bank of Cyprus’ Base Rate (BBBR) is calculated as follows:

 

 

Bank Housing Base Rate (ΒHBR)

The Bank Housing Base Rate (BHBR) is calculated as the sum of:

(a) The weighted average of the cost of euro-denominated deposits in the Republic of Cyprus with agreed maturity up to 2 years (according to the Central Bank of Cyprus’ index⁽¹⁾) and the Bank’s cost of wholesale funding, and

(b) The fixed spread of 0.49%.

The BHBR is revised on a quarterly basis (15 March, 15 June, 15 September & 15 December of each year (“Adjustment Dates”)⁽²⁾.

The Bank Housing Base Rate (BHBR) is calculated as follows:

Where:

Deposits:                

Latest available amount of the Bank’s EUR fixed deposits and notice accounts outstanding as at the review date, as reported to the Central Bank of Cyprus (CBC). This amount can be found on the Bank’s website www.bankofcyprus.com under Bank's Base Rates⁽³⁾(Table 1).

Cost of Deposits in the Republic ⁽¹⁾ :          

Latest release of the interest rate paid on euro-denominated household deposits in the Republic of Cyprus (outstanding amounts) by euro area residents with agreed maturity of up to 2 years, as published on the website of the CBC on a monthly basis. This cost can be found on the Bank’s website www.bankofcyprus.com under Bank's Base Rates ⁽³⁾ (Table 1).

Wholesale Funding:

Total amount of senior unsecured bonds issued by the Bank, outstanding as at the review date of the Bank’s Base Rates. The senior unsecured bonds issued by the Bank from time to time can be found on the Bank’s website at www.bankofcyprus.com under Bank's Base Rates⁽³⁾ (Table 2).

Cost of Wholesale Funding: 

Weighted average cost of Wholesale Funding, outstanding as at the review date of the Bank’s Base Rates. The calculation of this cost can be found on the Bank’s website at www.bankofcyprus.com under Bank's Base Rates⁽³⁾ (Table 2).

Spread:

• For the Bank Base Rate (BBR), the fixed spread is +2.24%.
• For the Bank Business Base Rate (BBBR), the fixed spread is +1.24%.
• For the Bank Housing Base Rate (BHBR), the fixed spread is +0.49%.

The current Bank Base Rate (BBR),  Bank Business Base Rate (BBBR) and Bank Housing Base Rate (ΒHBR), as well as their numerical calculation, as revised on a quarterly basis, are published on the Bank’s website www.bankofcyprus.com in the section  Bank's Base Rates⁽³⁾.

Any change in the methodology of calculating the Bank’s Base Rates may occur if:

• the Central Bank of Cyprus’ index (cost of deposits) ceases to be published, or
• requested by the Regulatory Authority in accordance with the applicable legislation in force from time to time and the monetary and credit rules.
  
  

Ιn the case of any change in the methodology of calculating the Bank’s Base Rates, all affected customers / security providers / guarantors will be notified.

The methodology of calculating the Bank’s Base Rates is also published on the Bank’s website www.bankofcyprus.com in the section Bank Base Rates Definition.

The historical evolution and the current Bank’s Base Rates is published on the Bank’s website www.bankofcyprus.com in the section Bank's Base Rates⁽³⁾.

The latest Bank’s Base rates are displayed here. 

 

⁽¹⁾    Average interest rate paid on euro-denominated deposits from households (outstanding amounts) in the Republic of Cyprus by euro area residents, with agreed maturity of up to 2 years. Published by Central Bank of Cyprus under Monetary and Financial Statistics, Table 10, Deposits from households, with agreed maturity up to 2 years at www.centralbank.cy.

⁽²⁾    Or the next working day if not a business day.

⁽³⁾    The historical evolution, the current Bank’s Base Rates, as well as their numerical calculation, as revised on a quarterly basis, are published on the Bank’s website (Home >  Personal > Information > Useful links > Other > Bank's Base Rates).

Bank of Cyprus’ Base Rate (BCBR) - for credit facilities in Euro

The Bank of Cyprus’ Base Rate (BCBR) is calculated as the weighted average of:

(a) Cost of euro-denominated deposits in the Republic of Cyprus with agreed maturity up to 2 years (according to the Central Bank of Cyprus’ index⁽¹⁾); and

(b) the Bank’s cost of wholesale funding.

The BCBR is revised on a quarterly basis (15 March, 15 June, 15 September & 15 December of each year (“Adjustment Dates”)⁽²⁾.

 

The Bank of Cyprus’ Base Rate (BCBR) is calculated as follows:

 

Where:

Deposits:                

Latest available amount of the Bank’s EUR fixed deposits and notice accounts outstanding as at the review date, as reported to the Central Bank of Cyprus (CBC). This amount can be found on the Bank’s website www.bankofcyprus.com under Bank's Base Rates⁽³⁾(Table 1).

Cost of Deposits in the Republic ⁽¹⁾ :          

Latest release of the interest rate paid on euro-denominated household deposits in the Republic of Cyprus (outstanding amounts) by euro area residents with agreed maturity of up to 2 years, as published on the website of the CBC on a monthly basis. This cost can be found on the Bank’s website www.bankofcyprus.com under Bank's Base Rates ⁽³⁾ (Table 1).

Wholesale Funding:

Total amount of senior unsecured bonds issued by the Bank, outstanding as at the review date of the Bank of Cyprus Base Rate. The senior unsecured bonds issued by the Bank from time to time can be found on the Bank’s website at www.bankofcyprus.com under Bank's Base Rates⁽³⁾ (Table 2).

Cost of Wholesale Funding: 

Weighted average cost of Wholesale Funding, outstanding as at the review date of the Bank of Cyprus Base Rate. The calculation of this cost can be found on the Bank’s website at www.bankofcyprus.com under Bank's Base Rates⁽³⁾ (Table 2).

 

The current Bank of Cyprus’ Base Rate (BCBR) as well as its numerical calculation, as revised on a quarterly basis, are published on the Bank’s website www.bankofcyprus.com in the section  Bank's Base Rates⁽³⁾.

Any change in the methodology of calculating the Bank of Cyprus’ Base Rates may occur if:

• the Central Bank of Cyprus’ index (cost of deposits) ceases to be published, or
• requested by the Regulatory Authority in accordance with the applicable legislation in force from time to time and the monetary and credit rules.

 

Ιn the case of any change in the methodology of calculating the Bank of Cyprus’ Base Rate, all affected customers / security providers / guarantors will be notified.

The methodology of calculating the Bank of Cyprus’ Base Rate is also published on the Bank’s website www.bankofcyprus.com in the section Bank Base Rates Definition.

The historical evolution of the Bank of Cyprus’ Base Rate is published on the Bank’s website www.bankofcyprus.com in the section Bank's Base Rates⁽³⁾.

The latest Bank’s Base rates are displayed here. 

 

 

⁽¹⁾    Average interest rate paid on euro-denominated deposits from households (outstanding amounts) in the Republic of Cyprus by euro area residents, with agreed maturity of up to 2 years. Published by Central Bank of Cyprus under Monetary and Financial Statistics, Table 10, Deposits from households, with agreed maturity up to 2 years at www.centralbank.cy.

⁽²⁾    Or the next working day if not a business day.

⁽³⁾    The historical evolution, the current Bank of Cyprus Base Rate and its numerical calculation, as revised on a quarterly basis, are published on the Bank’s website (Home >  Personal > Information > Useful links > Other > Bank's Base Rates).