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Lenders still hold £59bn of cheap money from Bank of England’s Term Funding Scheme

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  • 03/05/2018
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Lenders still hold £59bn of cheap money from Bank of England’s Term Funding Scheme
Banks and building societies are still holding around £59bn of cheap money drawn from the Bank of England’s Term Funding Scheme (TFS), which has not yet been lent out.

 

In total more than £127bn was taken from the scheme and around £68bn of loans have been made to homes and businesses since the initiative launched after the Brexit vote in 2016, data from the Bank of England confirmed today.

The scheme closed for drawdowns in February, but banks and lenders still have time to lend out money or pay it back to the Bank of England.

Lloyds Banking Group has taken almost £20bn from the scheme, while Nationwide took £17bn and the Royal Bank of Scotland around £19bn.

Barclays and Santander have also drawn more than £10bn each from the scheme.

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