Treasury launches Funding for Lending scheme
The scheme - which offers funding at below-market rates against a broad range of collateral if banks continue or extend lending to businesses and consumers - is likely to ultimately replace earlier credit easing schemes, the ministry said.
The Funding for Lending (FLS) scheme draw down window is now open for the next eighteen months and banks and building societies can borrow at cheaper rates, for periods of up to four years.
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Hide Ad“The more generous FLS has officially opened for business and will in time effectively take over from the NLGS (National Loan Guarantee Scheme), delivering credit easing to the whole economy,” George Osborne, the Chancellor, said in a statement.