UK banks borrow £4.36bn from FLS, says BoE
Six UK banks have borrowed £4.36bn between them from the Funding for Lending Scheme (FLS), the Bank of England (BoE) revealed on Monday. However, some of the biggest borrowers have also cut lending, in a move that suggests that net covered bond issuance from UK banks is likely to be negative in 2013.
Barclays, Lloyds and Santander UK each borrowed £1bn from the FLS, while the Royal Bank of Scotland took £750m, Nationwide borrowed £510m and Leeds Building Society drew down £100m.
The BoE data also showed that many banks are deleveraging their balance sheets. Santander, for example, has cut lending
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