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| Version 1 | Version 2 |
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| Lending banks: which are the biggest? | Lending banks: which are the biggest? |
| (1 day later) | |
| If Bank of England governor Sir Mervyn King is right in his assertion that the strongest banks are the ones still lending, then a look at the Bank's own figures on its Funding for Lending scheme shows which are the weakest and which the strongest banks. | If Bank of England governor Sir Mervyn King is right in his assertion that the strongest banks are the ones still lending, then a look at the Bank's own figures on its Funding for Lending scheme shows which are the weakest and which the strongest banks. |
| Of those that have tapped the scheme, Barclays is by far the biggest, taking £6bn of the £13.8bn drawn by the end of December. It is followed by bailed-out Lloyds Banking Group at £3bn, Nationwide (£2bn), Santander (£1bn), bailed-out Royal Bank of Scotland (£750m) and Virgin Money, owner of Northern Rock (£500m). | Of those that have tapped the scheme, Barclays is by far the biggest, taking £6bn of the £13.8bn drawn by the end of December. It is followed by bailed-out Lloyds Banking Group at £3bn, Nationwide (£2bn), Santander (£1bn), bailed-out Royal Bank of Scotland (£750m) and Virgin Money, owner of Northern Rock (£500m). |
| HSBC has not bothered applying – a clear indication that it is very comfortable with its capital – and it has been one of the key net lenders in the mortgage market over the past year. | HSBC has not bothered applying – a clear indication that it is very comfortable with its capital – and it has been one of the key net lenders in the mortgage market over the past year. |
| So what do these figures tell you? | So what do these figures tell you? |
| First, any conclusion that Barclays must be a bit desperate to need to draw down £6bn is probably wrong – the Bank of England figures also show that Barclays was a huge net lender to households and businesses, handing out a net £5.7bn. Nationwide was similar, drawing down £2bn from the scheme but extending £3.6bn in new borrowing. | First, any conclusion that Barclays must be a bit desperate to need to draw down £6bn is probably wrong – the Bank of England figures also show that Barclays was a huge net lender to households and businesses, handing out a net £5.7bn. Nationwide was similar, drawing down £2bn from the scheme but extending £3.6bn in new borrowing. |
| But the picture at the other banks is very different. Lloyds, which drew £3bn from the FLS over the same period, actually reduced its total lending by £5.6bn, while Santander cuts its loan book by an extraordinary £6.3bn. RBS is sucking money out of the economy, too. | But the picture at the other banks is very different. Lloyds, which drew £3bn from the FLS over the same period, actually reduced its total lending by £5.6bn, while Santander cuts its loan book by an extraordinary £6.3bn. RBS is sucking money out of the economy, too. |
| Top savings accounts | |
| Coventry BS | |
| GE Capital Direct | |
| Skipton BS | |
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