Over the same period, 21 participants in the cheap funding scheme made drawdowns of £5.5bn. This takes the total amount of outstanding drawings to £23.1bn.
The biggest lenders were Lloyds Banking Group, Nationwide Building Society and Virgin Money.
Today’s data comes days after the central bank’s governor announced the cheap funding scheme will no longer be made available to support mortgage lending.
Building Societies Association head of mortgage policy Paul Broadhead said mutuals are leading the market: “Today’s figures from the Bank of England confirm that mutuals out-performed the rest of the market in the third quarter, doing more net lending but at the same time drawing down less from the scheme than other lenders.
“When the availability of wholesale funding was restricted, the FLS provided a welcome stimulus to lenders and lending. Market conditions have now improved, making funding from this source less necessary. It is clear that mutual lenders never became dependent on the FLS.”
