6th August 2012
Local Banks to Access Funding For Lending Scheme
spokesperson on the Economy, Mid Ulster MLA Patsy McGlone, has urged local
banks to make full use of the Bank of England’s Funding for Lending scheme.
The Mid Ulster MLA has written to the Chief Executives of Ulster Bank, Bank
of Ireland, First Trust, Northern Bank and Santander seeking details of
their plans to utilise the £80 billion lending scheme which came into
operation at the start of August.
Mr McGlone said, “The Bank of England’s £80 billion Funding for Lending
scheme has the potential to provide a much needed boost to our local
“The Northern Bank's latest quarterly report revised its forecast for
economic growth from an already low 0.3% to a mere 0.1% for the year. There
is a real danger of the economy stagnating and further recession ahead.
“Local banks have to play their part in delivering an economic recovery. The
lending scheme has been designed to encourage banks and other lenders to
make more money available to homeowners and businesses. By supporting
economic activity in this way they can build confidence in our economy and
help drive the recovery.
“There are clear benefits for local banks and lenders in making use of the
available funds in order to prime the economy. But they must ensure that
they make full use of the facility and pass those benefits onto local
businesses and homeowners.
“I have written to the Chief Executives of the local banks for their plans
to maximise the impact of this generous lending scheme. It is essential that
the banks take this opportunity to demonstrate their commitment to our