An experimental Corporate Services Price Index (CSPI) to cover loan and deposit services from UK banks has been developed jointly by the Office for National Statistics , the Bank of England and the British Bankers’ Association . The banking CSPI is not intended to be a proxy for all banking services.
The banking CSPI is an estimate of price movements in the service element of these products and so aims to strip out the funding element. It is the charge which banks make for acting as intermediary between would-be providers and users of funds and for a range of associated services. Given this is not explicitly charged for, but is incorporated within the margins between interest rates for loans and deposits, the methodology used is based mainly on interest data supplied by banks to the BoE.
The banking CSPI was published for the first time on 20 February 2004, for 1999 Q1 onwards. The series depicts an overall positive growth rate over the period covered.
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