McGlone Urges Local Banks to Access Funding For Lending Scheme

SDLP 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 economy.

“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 economic recovery.”

ENDS