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| Version 0 | Version 1 |
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| HSBC makes £1bn credit available | HSBC makes £1bn credit available |
| (about 4 hours later) | |
| Banking group HSBC says it is making £1bn ($1.4bn) in extra credit available to support small British businesses. | |
| The government has been demanding for weeks that banks resume lending to firms struggling as credit dries up. | The government has been demanding for weeks that banks resume lending to firms struggling as credit dries up. |
| The bank said the money would help "fundamentally sound businesses" with cash-flow problems to "weather short-term shocks caused by the downturn". | The bank said the money would help "fundamentally sound businesses" with cash-flow problems to "weather short-term shocks caused by the downturn". |
| Business Secretary Peter Mandelson welcomed the decision and urged other banks to follow HSBC's example. | Business Secretary Peter Mandelson welcomed the decision and urged other banks to follow HSBC's example. |
| 'Economies' lifeblood' | 'Economies' lifeblood' |
| HSBC, which did not take any of the government's bail-out funding, said the money was part of a £3.3bn global working capital fund for small and medium-sized enterprises (SMEs). | HSBC, which did not take any of the government's bail-out funding, said the money was part of a £3.3bn global working capital fund for small and medium-sized enterprises (SMEs). |
| It said lending would be decided on a "case-by-case basis" using HSBC's normal lending criteria. | It said lending would be decided on a "case-by-case basis" using HSBC's normal lending criteria. |
| Alan Keir, co-head of HSBC's commercial banking, said:"This is new money, new money to support struggling small businesses that bank with us." | |
| "We've heard that their critical need is for working capital, so we're responding to that," he said. | |
| Michael Geoghegan, HSBC's group chief executive, said: "This is a difficult time for business in many economies. Customers are rightly looking to see how banks can help. | Michael Geoghegan, HSBC's group chief executive, said: "This is a difficult time for business in many economies. Customers are rightly looking to see how banks can help. |
| "SMEs are the lifeblood of most economies and it is their success that will create economic growth." | "SMEs are the lifeblood of most economies and it is their success that will create economic growth." |
| Mr Mandelson said: "We welcome this support providing additional funds for SMEs, and would also urge all banks to maintain charges and rates alongside offering good communications with their small business customers." | Mr Mandelson said: "We welcome this support providing additional funds for SMEs, and would also urge all banks to maintain charges and rates alongside offering good communications with their small business customers." |