Response to the Bank of England Announcement 5th March 2009
Following the cut in bank base rate to just 0.5% in March, the Bank of England have decided to leave rates unchanged.
The Society's Board have kept the interest rates paid to savers and borrowers under regular review and is satisfied that both the current rates of interest being paid to investors and the current level of standard variable mortgage rate remain competitive and are in line with other local and peer group building societies.
Therefore there will be no further adjustment to the Society's interest rates for the time being. The Board believes its approach has enabled the Society to maintain sufficient levels of liquidity, this has allowed the Society to continue to attract customers funds, to lend to prospective borrowers and to protect the long term capital strength of the Society for the benefit of all its members. The position will remain under regular review and any further announcements will be made when necessary.
Colin G. Bradley
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