Official figures show that Lloyds Banking Group is the most active user of the Bank of England’s (BoE) funding for lending scheme. The programme, which was launched in 2012, has so far provided banks with £69.46bn ($98.3bn) in cheap funding, with Lloyds receiving £32.1bn of these funds (see chart one).
The funding for lending scheme was introduced in 2012 to spur bank lending to retail customers and for mortgages. The second largest user of the programme was Barclays, which has drawn £12bn in funds. However, the bank did not participate in the extension of the programme after 2013 when BoE decided to narrow it down to stimulate lending to small business.
