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bank rate
DCHP-2 (Oct 2016)
Non-Canadianism
This is a word that our editors have determined is not a Canadianism.
n. — Finance
the interest rate on one-day loans to financial institutions as set by the Bank of Canada.
Bank rate has been preserved from British English. OED-3 defines the term as "the rate per cent. per annum fixed from time to time by the Bank of England, at which the company is prepared to discount bills of exchange having not more than 95 days to run" (see OED-3, s.v. "bank rate" [a]), and the Bank of England website gives the same definition for their Bank Rate as the Canadian meaning (see Bank of England reference).
See also COD-2, s.v. "bank rate", which is marked "esp. Cdn".
See also COD-2, s.v. "bank rate", which is marked "esp. Cdn".
Quotations
1864
"The Times" city article says an idea is prevalent that a reduction of the Bank rate to five per cent may not be far distant.
1895
Bank rate 2 percent.
1978
In Canada most money market rates will probably move by 50 to 75 basis points too, although the bank rate is likely to be a lagger.
1981
The Bank of Canada announced Wednesday the bank rate would no longer be indexed to the interest rate for 90 day treasury bills
References
- COD-2
- Bank of England • "How Monetary Policy Works"
- OED-3
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