The borrowing interest rate was low, rents were low, inflation was high, and creditors were in no hurry to call in debts.

Many large commercial customers of the clearing banks have their deposit and borrowing interest rates linked to movements in a particular maturity of LIBOR.

Loans carried an administrative fee of $0.009 per pound, bore an interest rate 1% higher than the Commodity Credit Corporation (CCC) borrowing interest rate, and matured not later than nine months following disbursement.