BoE reveals £300 million drop in FLS lending

The Bank of England

The Bank of England (BoE) today revealed that banks participating in its funding for lending scheme (FLS) reduced their net lending by £300 million in the first quarter of 2013 – an improvement on the £2.4 billion drop in the last three months of 2012, but still a disappointing result for a scheme aimed at boosting lending.

During the quarter, 13 of the participating 40 banks tapped the scheme for £2.6 billion of funding, pushing the total amount drawn to £16.5 billion since its inception.

The B

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