Lloyds TSB Commercial Banking’s Yorkshire area director has given his response to the Bank of England’s Funding for Lending Scheme announcement.
Martyn Kendrick said:
“Lloyds Banking Group remains the largest lender in the Funding for Lending Scheme, with total lending to UK businesses and households, as reported under the scheme, of almost £438 billion.
“These latest Bank of England figures demonstrate that our total FLS lending is growing, in line with our commitment to support the UK economy.
“We increased our lending to UK businesses and homebuyers by £1.3 billion, on a net basis, in the second quarter of 2013.
“This growth comes despite the fact that the Bank of England figures also include our lending to certain ‘non-core’ sectors, which we are running down as we focus our efforts on sectors such as SMEs and First Time Buyers.
“We have committed more than £24 billion of gross new lending to UK businesses and homebuyers through the Funding for Lending Scheme since we launched our discounted offers in September 2012.
“These figures underline the growth in our lending, in particular to SMEs. We grew our lending to SMEs by five per cent in the 12 months to June, on a net basis and we are ahead of our plan to lend £6.5 billion to First Time Buyers in 2013.”