High-street lending up 36% on 2001, says BBA

The British Bankers’ Association (BBA) has released the Major British Banking Group’s lending figures. Accounting for 70% of all lending, the figures found total high-street lending for 2002 was £151bn, up 36% on 2001.

Ian Mullen, BBA chief executive, said: ‘2002 was the strongest year ever for lending, with equity withdraw-al being a significant driving force.’

Net lending, excluding redemptions and remortgaging, rose by £56.4bn. The BBA noted December’s 174,400 loans were 4% down on December 2001, although an average value of £87,600 was 9% higher than 2001.