View more on these topics

FLS participants drawdown £4.4bn in Q3

The number of Funding for Lending Scheme participants has risen to 35 with £4.4bn collectively drawn down by the end of the third quarter.

Figures from the Bank of England show net lending by FLS participants rose £0.5bn over the two months following the launch of the scheme.

Each participant is able to borrow up to 5 per cent of its existing loans to the UK non-financial sector.

The groups now participating in the scheme represent approximately 80 per cent of the stock if lending to the real economy in the UK. The five new participants are Melton Mowbray Building Society, Progressive Building Society, Shawbrook Bank, Yorkshire Building Society and Leek United Building Society.

The number of institutions which had signed up to the scheme rose by 17 to reach 30 by the end of October.

Below is an easy to understand infographic created by the Treasury to explain how the FLS works.

FLS infographic


Gary Styles MS blog

In My Opinion: The obstacles blocking debt recovery

The lending sector is being held back by the rate of deleveraging, the additional regulatory burden and the absense of funding from some lenders, which will make 2013 an extremely difficult year


Accord cuts 90% LTV rates

Accord Mortgages is reducing rates on a number of its 90 per cent LTV fixed rate mortgages from tomorrow in addition to launching new £495 fee fixed rate products.


Canadian bank chief appointed as next governor of Bank of England

Bank of Canada Governor Mark Carney will succeed Sir Mervyn King as governor of the Bank of England when he steps down next June. For the first time in history the job of governor was publicly advertised with the Treasury looking for a candidate with experience of working in a central bank or similar institution, […]


News and expert analysis straight to your inbox

Sign up
  • Post a comment
  • G P Styles 3rd December 2012 at 11:17 am

    Interestingly only £100m of the £4.4bn raised so far is outside of the Top 5 lenders.

  • Gary Styles 3rd December 2012 at 11:09 am

    Interesting that nearly all of £4.4bn funding is shared between Barclays, LBG, Santander, RBS and Nationwide. The three largest taking £1bn each so far. Only 1 other lender managed to raise £100m from the FLS funding before the end of November