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Wales Loan
When the Lloyds Banking Group and the Royal Bank of Scotland (RBS) received loans from the Government in order to bail them out, one of the major conditions of the deal was that they supported the recovery in the UK economy by providing and offering business loan to small and medium sized businesses.
Although the banks claim to have been doing this, feedback from companies and the figures for new business loans offered, show that this has not necessarily been the case and the banks have been falling short of their obligations.
As part of his pre election budget speech yesterday, the Chancellor of the Exchequer, Alistair Darling, announced that the Lloyds Group and RBS must offer loans to businesses of at least £94 billion over the course of the next twelve months and at least half of these loans must be granted to small and medium sized companies.
Over the course of last year, Lloyds and RBS offered £38 billion worth of loans between them to businesses.
This year, Lloyds have committed to offering £44 billion worth of new loans and RBS will lend a further £50 billion in business loans.
During his speech, Mr Darling praised the work that the nationalised banks (Northern Rock, Lloyds and RBS) had already done in supporting the UK economy and helping to restore growth to the country, defending the Government’s action of providing loans to bail the banks out.
The chancellor also said that the Treasury had already received around £8 billion of loan repayments from the Nationalised banks and that the move to force them to offer new loans was one way that the Government was helping businesses to help restore the economy, saying that “The UK can’t take growth for granted”.