Bank Insults with Mailshot

Of course, few people are happy with bankers at the moment, but they're not doing much to help themselves.  In fact, the most recent communication from my bank (I won't say which one, but it begins with a letter near the start of the alphabet) has incensed me no end.

They've sent me a mailshot offering a loan.  Not in itself a thing to get underpants twisted for, but it's the offer that's got me incandescent.  The rate they're offering is 19.9%, which they apparently describe as 'affordable'.  I did think they were reining in lending, so was amazed to get a mailshot like this.  Mind you., at those rates, why wouldn't they lend...?

What really hacks me off is the following:

1)  no more than 6 months ago, they were offering me loans at 7.9%

2)  their cost of funding has gone down - not only is LIBOR relatively stable (and maybe slightly lower than it was), but the rates they're paying on deposits has crashed - I know this because recently they offered my wife a deposit account deal at the 'great rate' of 2%.

 I can conclude from this one of two things:

a) they're being unbelievably greedy, potentially at my expense if I was daft enough to take them up on it

b) they think my risk profile has risen to almost 3 times as much as it was 6 months ago (yes, I know it's not calculated quite like this, but you get the picture).  Quite why they would think this is news to me, especially as my account behaviour hasn't changed one jot and it certainly wasn't risky before. 

If either of these is correct (and I can think of no other reason, so it's got to be one of them), I am pretty outraged.  I don't actually want a loan, but I do intend to write along the lines above and ask what's going on - before I move my (pretty profitable) business elsewhere.