UK banks unlikely to react to FLS revamp
The Bank of England will offer UK banks 10 times the value of their net lending to small and medium-sized enterprises in cheap cash through the Funding for Lending Scheme this year, but bankers can’t see the UK banks jumping for joy.
The BoE announced on Wednesday the FLS would be extended by one year to the end of 2015, and incentives to increase net lending would be heavily skewed in favour of SMEs.
Banks will be able to draw down £5 for every £1 of net SME lending in 2014,
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