UK Treasury: FLS Has Got Off To A “Flying Start”

LONDON (MNI) – The UK Treasury has said that new Bank of England
credit availability data shows that the Funding for Lending scheme,
designed to boost lending to household and corporates, has got off to a
“flying start”.

“The Bank’s figures today show that the number of mortgages out
there for people looking to buy a home has increased significantly over
the last three months, and that the Funding for Lending Scheme will help
ensure that this continues in the coming months,” a Treasury
Spokesperson said.

“The FLS has got off to a flying start, with thirteen banks and
building societies already signed up. Combined they can access stg 60bn
of funding in the scheme, and that is just the beginning,” the
spokesperson added.

The FLS scheme was unveiled in June and launched on August 1, with
five of Britain’s six biggest banks signing up. The scheme offers banks
and building societies cheap financing if they increase lending to
businesses or households.

Earlier today, the Bank of England said its quarterly Credit
Conditions Survey showed banks reported the biggest increase in the
availability of mortgages since the survey started in 2007 during the
three months to early September.

–London newsroom: 4420 7862 7491; email: ukeditorial@marketnews.com

[TOPICS: M$$BE$,M$B$$$]