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Shared Content Area

Cost of Funds Historic Rates

Effective Date Cost of Funds Cost of Funds (Pre 2012 Calculation & Definition)
6th August 2020 0.40% 0.24%
30th July 2020 0.41% 0.25%
23rd July 2020 0.41% 0.25%
16th July 2020 0.41% 0.26%
9th July 2020 0.42% 0.26%
2nd July 2020 0.42% 0.27%
25th June 2020 0.42% 0.27%
18th June 2020 0.42% 0.27%
11th June 2020 0.42% 0.26%
4th June 2020 0.42% 0.26%
28th May 2020 0.41% 0.26%
21st May 2020 0.40% 0.25%
14th May 2020 0.40% 0.24%
7th May 2020 0.39% 0.24%
30th April 2020 0.38% 0.23%
23rd April 2020 0.38% 0.23%
16th April 2020 0.38% 0.22%
9th April 2020 0.38% 0.22%
2nd April 2020 0.38% 0.22%
26th March 2020 0.38% 0.23%
19th March 2020 0.38% 0.23%
12th March 2020 0.37% 0.22%
5th March 2020 0.37% 0.22%
27th February 2020 0.36% 0.21%
20th February 2020 0.36% 0.21%
13th February 2020 0.36% 0.21%
6th February 2020 0.35% 0.20%
30th January 2020 0.35% 0.20%
23rd January 2020 0.35% 0.20%
16th January 2020 0.34% 0.20%
9th January 2020 0.34% 0.19%
2nd January 2020 0.34% 0.19%
19th December 2019 0.34% 0.19%
12th December 2019 0.35% 0.19%
5th December 2019 0.35% 0.20%
28th November 2019 0.36% 0.20%
21st November 2019 0.36% 0.21%
14th November 2019 0.37% 0.22%
7th November 2019 0.37% 0.22%
31st October 2019 0.38% 0.23%
24th October 2019 0.39% 0.23%
17th October 2019 0.39% 0.24%
10th October 2019 0.39% 0.24%
3rd October 2019 0.39% 0.24%
26th September 2019 0.38% 0.23%
19th September 2019 0.38% 0.23%
12th September 2019 0.38% 0.23%
5th September 2019 0.38% 0.23%
29th August 2019 0.38% 0.23%
22nd August 2019 0.37% 0.23%
15th August 2019 0.38% 0.23%
8th August 2019 0.38% 0.23%
1st August 2019 0.38% 0.23%
25th July 2019 0.38% 0.23%
18th July 2019 0.38% 0.23%
11th July 2019 0.38% 0.23%
4th July 2019 0.38% 0.22%
27th June 2019 0.38% 0.22%
20th June 2019 0.38% 0.23%
13th June 2019 0.38% 0.23%
6th June 2019 0.38% 0.23%
30th May 2019 0.39% 0.23%
23rd May 2019 0.39% 0.23%
16th May 2019 0.38% 0.23%
9th May 2019 0.38% 0.23%
2nd May 2019 0.38% 0.23%
25th April 2019 0.38% 0.23%
18th April 2019 0.38% 0.23%
11th April 2019 0.39% 0.23%
4th April 2019 0.39% 0.23%
28th March 2019 0.39% 0.23%
21st March 2019 0.39% 0.23%
14th March 2019 0.39% 0.23%
7th March 2019 0.39% 0.23%
28th February 2019 0.38% 0.23%
21st February 2019 0.38% 0.23%
14th February 2019 0.38% 0.23%
7th February 2019 0.39% 0.23%
31st January 2019 0.39% 0.23%
24th January 2019 0.40% 0.23%
17th January 2019 0.40% 0.23%
10th January 2019 0.40% 0.23%
3rd January 2019 0.39% 0.22%
20th December 2018 0.40% 0.23%
13th December 2018 0.40% 0.23%
6th December 2018 0.41% 0.24%
29th November 2018 0.42% 0.25%
22nd November 2018 0.43% 0.25%
15 November 2018 0.43% 0.25%
8 November 2018 0.44% 0.25%
01 November 2018 0.44% 0.25%
25 October 2018 0.43% 0.25%
18 October 2018 0.43% 0.25%
11 October 2018 0.43% 0.25%
04 October 2018 0.44% 0.25%
27 September 2018 0.44% 0.25%
20 September 2018 0.43% 0.25%
13 September 2018 0.43% 0.25%
06 September 2018 0.43% 0.24%
30 August 2018 0.43% 0.24%
23 August 2018 0.43% 0.24%
16 August 2018 0.43% 0.24%
09 August 2018 0.44% 0.25%
02 August 2018 0.44% 0.25%

Loans cannot be used for:


  Refinance of undertakings in financial difficulties.

  Refinance of existing debt (e.g. term loans / leases / hire purchase etc.).

  New investment.

Loans can be used for:


  Future working capital requirements (e.g. feed, fertiliser, trading stock, tax, other costs etc.).

  As an alternative to merchant credit.

  To replenish working capital already used (prior to 31st Dec 2016).

Loan features:


  A single loan per farm enterprise up to a maximum loan amount of €150,000 (see State Aid sections for further details).

  Loan term of minimum 1 year up to a maximum of 6 years.

  Loans are unsecured.

  Optional interest only repayments provided at the start of the loans.

  Interest rates of 2.95% fixed for the term of the loan.

Improving cash flow


If your business provides trade credit, Invoice Finance could provide the immediate funding that you need.

A good quality debtor book enables you to release cash from one of your most valuable assets to part-fund an acquisition or to finance ongoing working capital needs.

An Invoice Finance Facility is not just for businesses experiencing cash flow pressures. If you are looking to expand either organically or through acquisition it can help too.

Invoice Finance may facilitate a deal that would otherwise prove impossible, without diluting ownership of your business.

Features of FacFlow


Fast You can make requests and receive payments on the same working day.

Intuitive The system is well designed and easy to use.

Robust Facflow can handle large volumes with ease.

Secure Your information is kept secure through encryption technology.

Thorough Extremely comprehensive with the ability to produce full reports.


Log in to FacFlow >

Contact us today

New customers

To find out more about our services or to arrange a meeting with a Sales Manager please call:

00353 01 6085593

Lines are open 9am to 5pm - Monday to Friday. Please note, calls may be recorded.

Invoice Finance Why choose Invoice Finance?
  • It is a confidential facility and as far as your customers are concerned, everything works just as it did before.
  • You remain in control of your credit function, however, we do require that you record strong proof of delivery, that you have a good spread of trade debtors and that you maintain good credit control and sales ledgers systems.
  • You receive up to 90% of the value of invoices once you notify us of them electronically using our FacFlow™ system.
  • Invoice Finance can provide a significant cash injection to your business which can be used to fund working capital requirements.
  • When your debtor pays the invoice and the amount is remitted to us in full, the 10% balance (less our charges) is paid to you.
  • Asset Based Lending is suitable if you are a large business, trading domestically or internationally, with a minimum annual turnover of €10 million, we will be happy to discuss how Asset Based Lending can help with your working capital requirements.
  • Your business is an SME*
  • You have made a formal lending request to Ulster Bank
  • Your appeal relates to a lending application declined / approved in the last 30 days
  • Your lending request was for an amount between €1,000 and €3,000,000
  • Your lending request does not relate to Business Credit Cards
* An SME is defined by the EU as a business with less than 250 employees, turnover of less than €50 million and/or balance sheet less than €43 million
Basis of Appeal
  • The application was declined
  • The application has been reduced to a less amount than requested
  • You have been kept waiting for an unreasonable time for a formal response
  • The rate offered for an approved credit request is unreasonably high, so as to imply constructive refusal
  • The bank has requested un unreasonable amount of direct or collateral security to cover the lending
How to appeal
Completing our application form
  • All applicants must complete sections 1-3. Farmers must also complete appendix A.
  • Sign and date application form and return with any relevant supporting documentation.
  • Return the form to: The Credit Appeals Manager, UBIL, 19 O'Connell Street, Clonmel, Co Tipperary

Application Form (PDF, 403KB)

Contact our Lombard team on: 1850 215 000


Note: Calls may be recorded.

Lines are open Monday to Friday 9am to 5pm. Standard call charges apply.


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Lending Rate %
AA1 Overdraft / Loan (Effective from 20th May 2009) 8.45%
Cost of Funds (Effective from 6th August 2020) 0.40%

Important Information


Subject to financial status and conditions. Applicants must be over 18 years of age and residents in the United Kingdom.

Formalities include the use of Credit Reference Agencies who will note that an enquiry has been made about you.  If you borrow and do not repay in full, within the agreed terms, Credit Reference Agencies may be advised and will note the outstanding debt. This may affect any future applications for credit facilities through the Ulster Bank Group of Companies or other lenders. All Ulster Bank credit facilities are subject to Lending criteria, Terms and Conditions.


Eligibility criteria

If you meet all of the criteria detailed below you are able to make an appeal:

  Your lending request has not been declined due to bankruptcy

 You have submitted a formal lending application to Ulster Bank

 Your appeal relates to a lending application declined within the previous 30 days 

 Your annual group turnover is less than €25m.



Our dedicated agriculture team and relationship managers specialise in agricultural equipment lending.

Lombard can help your farming business by:

  • Understanding your challenges - We design solutions based on our detailed knowledge of customers' cash-flow issues and seasonal payment concerns.
  • Funding your farm assets - From replacing a combine harvester to setting up a new milking parlour, Lombard can fund almost any tangible farm asset.
  • Putting you in control - Our flexible solutions put you in control of your cash flow.
  • Matching your cash flow - We can agree lower monthly payments and lump sum to tie in with a single farm payment, or spread the cost through quarterly payments.
  • Freeing your capital - Lombard can unlock the capital that already exists in your farm's assets through a sale & leaseback, freeing up your cash for reinvestment.

Note: Security may be required and product fees may apply.
Request a call back

Commercial Transportation


Lombard can help finance a wide range of vehicles with a choice of funding methods to suit most business requirements.

Find out more about how Lombard can help your commercial transportation business with:

Buses and Coaches – whether you need finance for buses or coaches, including light and midi, single-decker, double-decker and hybrid, Lombard can help.

Heavy Commercial Vehicles – with extensive experience in the commercial transport sector, find out how Lombard can help finance commercial vehicles over 3.5t GVW.

Trailers – from skeletal trailers to double-deck fridge trailers, our expert commercial transportation team provides asset finance solutions that lower your costs.

Note: Security may be required and product fees may apply.

Request a call back

Construction & Materials handling


There are so many aspects of the materials handling and construction industries where Lombard’s funding and financial solutions can help lower costs and make running your organisation a little easier.

  • Share our extensive expertise in this sector – we already finance equipment from well known manufacturers.
  • Helping all sizes of company – from small subcontractors to plant hire companies.
  • Finance for specific assets - bulldozers, container handlers,  dump trucks and forklift trucks.
  • Finance for all kinds of reasons – business cycle planning, cash flow management, de-risking of capital purchase decisions, term and end of term flexibility, and tax efficiencies.
Note: Security may be required and product fees may apply.
Request a call back



At Lombard, our manufacturing asset finance experts can help improve your cash flow by keeping your working capital free and offer a range of options, which can even take assets off your balance sheet.

  • Giving you the benefit of our expertise – as manufacturing sector experts, Lombard understands your challenges and has the experience to fund the assets you require.
  • Helping you manage cash flow – with Lombard, you can keep funds to reinvest in your business and benefit from tax efficiencies.
  • Funding your manufacturing assets – from new and used plant and small printing presses to tools and complete production lines, Lombard can fund almost any tangible manufacturing asset.
  • Delivering flexible choices – our solutions can include attractive options when your finance agreement ends.
  • Providing one-stop-finance – we're committed to the manufacturing sector and can continue to offer asset funding solutions as your business develops and grows.
Note: Security may be required and product fees may apply.
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Cars & Vans


You can ask our experts about any aspect of vehicle finance; they'll also give you an honest assessment of any dealer finance offer you may have received. Knowledgeable and unbiased, their expertise is underpinned by:

  • Impartiality - Freedom of choice across reputable dealers, manufacturers and models.
  • Transparency - Finding the best funding solution; if it's the one offered by your dealer, we'll tell you.
  • Advocacy - Acting as a trusted partner, answering your questions and focusing on your best interests.
  • Diligence - Processing arrangements swiftly, without compromising your decision making process.
  • Consistency - Delivering a dependable service to all customers, irrespective of funding scope or scale.
Note: Security may be required and product fees may apply.
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Lombard can offer a range of technology finance options according to your requirements. These are some of the benefits of choosing a finance option for your IT equipment compared to buying it outright:

  • Protection against technology obsolescence
  • Upgrade flexibility
  • Budget and payment flexibility
  • Operational flexibility
  • Conservation of capital
  • Reduced equipment value risk
Examples of assets we fund include:
  • PCs, laptops and monitors
  • Servers and mainframes
  • Telephony systems
  • Audio-Visual equipment
  • Electronic point-of-sale equipment
  • Software
Note: Security may be required and product fees may apply.
Request a call back

Business impacted by Coronavirus?

Ulster Bank support available?

We have a range of support available, for more information visit our detailed support centre

Visit Coronavirus Business Support Centre

Letters of Credit


When importing and exporting a Documentary Letter of Credit (LC) is one of the most secure methods of settlement. They are irrevocable and cannot be cancelled unless all parties agree

Import Letter of Credit:

  •  Import Letters of Credit are our commitment to pay your supplier on your behalf. Or for exporters guarantee of payment before you commit to sending goods.
  •  Import Letters of Credit are a conditional bank guarantee of payment
  •  Payment is made upon Ulster Bank's receipt of the financial and commercial documentation (Bills of Lading, Invoices, Packing list etc) subject to the terms and conditions of the L/C having been met.

Export Letter of Credit

  •  A conditional bank guarantee of payment received on your behalf from another bank.
  •  If you are the seller, it guarantees receipt of payment by the buyers’ bank upon representation of the financial   and commercial documentation (as above) subject to the terms and conditions of the L/C being met.
Enquire now

Documentary Collections


Does your business need to make and receive overseas payments through the international banking system? Collections could be the answer. They provide a universally recognised method for settling overseas trade debt. Collections could improve your cashflow, add security and are cost-efficient and easy to use.

Import collections

  •  Consists of a financial instrument (i.e. Bill of Exchange) together with other commercial documentation (i.e. Bills of Lading, Invoices, Packing List etc) needed to take delivery
  •  Documents are released in exchange for immediate payment or endorsement of the bill of exchange as an undertaking to pay at a future agreed date

Export collections

  •  Consists of a financial instrument (i.e. Bill of Exchange) together with other commercial documentation (i.e. Bills of Lading, Invoices, Packing List etc) needed by buyers to take delivery
  •  Documents are released to the buyer in exchange for immediate payment or endorsement of the bill of exchange as a promise to pay at a future agreed date
Enquire now

Bonds, Guarantees & Standby Letters of Credit


Give your trading partners and customers confidence. Bonds, guarantees and Standby Letters of Credit give buyers the security of a financial guarantee in the event of the seller's failure to meet its contractual obligation. If the seller fails to deliver the goods or services as described in the contract with the buyer, the latter can 'call' the Bond, Guarantee or Standby Letter of Credit to receive financial compensation from the bank.

Types of Guarantees:

  • Bid or Tender Bonds - Issued by the supplier in support of a contractual tender.
  • Performance Bond - Issued by the supplier in order to support their performance obligations under the commercial contract.
  • Advance Payment and Progress Payment Guarantees - Issued by the supplier when the buyer has provided a down payment for the supply of goods or services.
  • Payment - The supplier receives a Guarantee from the buyer to support their financial obligations under a commercial contract.
  • Customs Bonds / Custom Duty Deferment Guarantee - This allows a company to defer payment of duty or tax.
  • Standby Letter of Credit - Covering a buyer's financial obligation in relation to the purchase of goods and services in Northern America.
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