The Qatar National Bank Rate (“QNBR”) is an interest rate set by Qatar National Bank (Q.P.S.C.), London Branch (“QNB London”) that will apply to certain loans provided by QNB London. As of 25th May 2023, the QNBR is 4.50%. The QNBR shall be added to the agreed margin for the relevant loan.
Please note that the QNBR is not fixed and may fluctuate as the QNBR is aligned to but may not mirror any changes to the Bank of England Base Rate. This means that QNB London is not obliged to immediately follow movements in the Bank of England Base Rate. QNB London shall apply a “zero” floor rate in respect of the QNB Rate. In other words, if the Bank of England Base Rate is below 0% (i.e. a negative rate), the QNBR shall be 0% and the rate of interest for a loan shall be equivalent to the agreed margin set out in the relevant legal documentation.
If any change is to be made to the QNBR in line with the Bank of England Base Rate, a customer shall be notified of this and the implications in respect of any monthly payments.
The above is provided for information purposes only. Any loan provided by QNB London shall be subject to the terms and conditions agreed with a customer and subject to any change in law, policy or procedure of QNB London.
QNBR is a proprietary interest rate that has been created by QNB London. QNBR is only intended to be used in connection with loans extended by QNB London to its clients. No person, other than Qatar National Bank (Q.P.S.C.) shall be permitted to use QNBR (directly or indirectly) to determine an amount payable under any agreement or financial instrument, or otherwise use QNBR in a manner that would constitute the 'use of a benchmark' pursuant to Article 3(1)(7) of Regulation (EU) 2016/1011, as it forms part of UK domestic law pursuant to the European Union Withdrawal Act 2018.
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