George Rex
More than twice as much was received by NatWest, Barclays, Lloyds, and Santander banks as compared to 2022.
As the base interest rate has increased in recent years, so too have the Bank of England's interest payments to the central bank on commercial bank reserves.
Since September of last year, the British Central Bank has maintained the rate at 5.25% annually, which is the highest it has been since 2008. The Bank of England had hiked it at 14 straight meetings before.
The Treasury Committee report states that Lloyds earned 2.6 billion pounds in interest on deposits made with the Bank of England last year, a rise of 1.8 billion pounds. Santander and NatWest received 1.2 billion pounds and 2.9 billion pounds in interest payments on their deposits from the central bank, respectively, while Barclays received 1.1 billion pounds and 1.9 billion pounds.
source: ft.com
As the base interest rate has increased in recent years, so too have the Bank of England's interest payments to the central bank on commercial bank reserves.
Since September of last year, the British Central Bank has maintained the rate at 5.25% annually, which is the highest it has been since 2008. The Bank of England had hiked it at 14 straight meetings before.
The Treasury Committee report states that Lloyds earned 2.6 billion pounds in interest on deposits made with the Bank of England last year, a rise of 1.8 billion pounds. Santander and NatWest received 1.2 billion pounds and 2.9 billion pounds in interest payments on their deposits from the central bank, respectively, while Barclays received 1.1 billion pounds and 1.9 billion pounds.
source: ft.com
