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<h1>
Bank Rate The
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Bank Rate, the rate of interest at which the Bank of England will lend to the banking system. In practice it is the minimum rate at which the Bank of England stands ready as 'lender of the last resort' to provide cash to a discount house with access to the discount office of the Bank, either by rediscounting first-class ('eligible') bills or by lending against their security or against short-dated Government bonds.<br /><br />
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