In early December, it reached the record low level of 1.5 - 1.6 per cent, and has recently recovered to 1.6 - 1.8 per cent. BIS Review 117/1997  -3-  With respect to bank lending rates, the short-term prime lending rate has remained at a record low level of 1.625 per cent since September 1995.
The long-term prime lending rate has been at a record low of 2.3 per cent since October 1997. In these circumstances, short and long-term contracted interest rates for new loans and discounts (up to October) have stayed at record low levels.