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Barclays, Lloyds and RBS draw £30bn from Term Funding Scheme

  • 07/12/2017
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Barclays, Lloyds and RBS draw £30bn from Term Funding Scheme
Barclays Bank, Lloyds Banking Group and RBS collectively drew more than £30bn from the Bank of England’s Term Funding Scheme (TFS) to facilitate loans to British homes and businesses since it launched in August last year.

Nationwide and Santander have also been major beneficiaries of the scheme, tapping another £9.5 and £8.5bn respectively, data revealed today.

More than £60bn has now been lent by the Bank of England through the scheme designed to boost lending in the wake of last year’s Brexit vote.

Critics say TFS has kept lending rates artificially low – and it’s feared there could be a jump in mortgage costs when the scheme ends in February.

In the three months to October, the scheme funded Barclays’ lending to the tune of £1.5bn, Lloyds by almost £1.4bn and RBS by £1.8bn.

Chancellor Philip Hammond last month authorised a £25bn increase in the scheme size.

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