Barclays Pledge GBP11 Billion In Extra Loans

Fri, 15 May 2009

Barclays Bank has vowed to increase its lending by £11 billion to homeowners and businesses this year.

Making the pledge at a packed annual shareholder meeting, group chief executive John Varley said the £11 billion - a six per cent rise on loan balances for 2008 - will be spread equally split across between personal customers and business clients across 2009.

He commented: "At a time when customers are seeking to cope with the economic downturn and governments are dealing with the effects of the financial crisis, we want to do our part in getting credit to customers."

"This lending will be aimed at households and businesses in the UK and represents a significant increase in the support we already provide to our customers here."

Mr Varley added that now is a good time to lend, in circumstances where the commercial and risk terms make sense to its customers and shareholders .

The move by Barclays, which has avoided taking any kind of Government support during the credit crunch, comes after Chancellor Alistair Darling once again called on all UK banks to increase lending and boost the UK economy.

Last month both Royal Bank of Scotland (RBS) and Lloyds Banking Group confirmed they would increase lending in the coming months.
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