Banks snap up cheap loans
Wednesday 20 June 2012
A multibillion-pound scheme set up by the Bank of England to
boost cash flows at Britain's biggest banks was launched today with full
take-up from the country's lenders.
The Bank offered £5 billion in cheap loans with a rate of 0.75% at the first auction under its new lending facility, which was taken up entirely by participating banks.
However, it is understood all the major banks applied for the six-month loans because the Bank instructed them to do so as governor Sir Mervyn King wants the facility to be viewed as a mainstream source of funding, as opposed to an emergency measure.
Sir Mervyn announced that he would activate the facility, which will occur at least once a month, in his Mansion House speech last week as one of a number of measures designed to bolster the economic recovery.
The governor and Chancellor George Osborne also unveiled an estimated £80 billion scheme designed to stave off a second credit crunch as the eurozone debt crisis encroaches on British shores.
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 The secret report that helps Israel hide facts
- 4 Israel's propaganda machine is finally starting to misfire
- 5 'Hello mum, this is going to be hard for you to read ...'
Sally Farmiloe dead: Howards' Way actress, and former mistress of Jeffrey Archer, dies aged 60
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Disney heiress Abigail disowns her share of family profits in West Bank company
Australian model Robyn Lawley stages naked protest against huge coal mine seven times the size of Sydney Harbour
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
- < Previous
- Next >
iJobs Money & Business
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...