FLS draw-downs double but deleveraging continues
Barclays was the biggest participant in the Bank of England’s Funding for Lending Scheme (FLS) in the fourth quarter 2012, taking down £5bn. The scheme welcomed seven new borrowers in Q4 but it also lost Royal Bank of Scotland and Santander UK as overall lending contracted.
UK banks drew a total just shy of £9.5bn in the fourth quarter, more than double the Q3 participation, taking total borrowing to £13.8bn.
Lloyds borrowed £2bn, double what it took in Q3, while Nationwide Building Society also increased its take-up to £1.5bn in Q4.
Seven institutions drew funds for
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