Sentence examples for penal rate from inspiring English sources

In 2007 the Bank was providing liquidity but at a penal rate.

Worse still, the benefit would be withdrawn at a penal rate: 50p in the £.

But [as to] putting another tax, and particularly at a penal rate on top of that – it's pretty difficult to justify".

Julian Jessop, an analyst with Capital Economics, said the formal announcement yesterday that the Bank of England offered Northern Rock unlimited funds at a penal rate of interest showed that what had been a credit crunch was now "a good old-fashioned bank run".

The core central-banking doctrine of lending freely though at a penal rate during a financial panic was set out by Walter Bagehot, an early editor of The Economist, in "Lombard Street".Yet despite its venerable pedigree it is the Bank of England that has at times seemed the least sure-footed of the three central banks.

Bagehot advised the Bank of England to lend freely to illiquid but solvent banks against good collateral, at a penal rate.But Bagehot was writing long before today's sophisticated interbank market was shaped.

Banks charge penal rates for unauthorised overdrafts, which can be more expensive than payday loans.

True, the penal rates of business tax will be gradually cut, but accompanying measures will make many firms worse off (see article).

As a result, banks are hoarding their capital rather than lending it in the money markets.If banks have to borrow at penal rates for some time, the poison will spread.

He is campaigning for a "living wage" of £7.60 an hour and would look at making the 50% top tax rate and the tax on bankers' bonuses permanent, but stresses: "I do not want a return to penal rates of taxation".

AIG would pay a penal interest rate and cede to the state an equity stake of just under 80%.