The latest news by Bank of England (BOE) has stated that the banks in britain are repaying loans rapidly. The banks are in much stronger position then previous days.
According to the report, from the borrowed amount of £185bn, since the financial crises in 2007, UK banks has repaid near about £148bn. The loans were taken for a term of three years and are due for their final repayment in early next year.
The news is despite majority of the banks has failed to meet the target (Project Merlin) of helping small business for providing the SME loans to them.
The Bulletin shows that in last three months (February to May) the banks has repaid near about £54bn of government loans.
Santander UK, Lloyds Banking Group, Barclays, Royal Bank of Scotland and HSBC has made agreement with the Government to increase its loans to small and medium enterprises (SMEs) to a sum of nearby £76bn this financial year.
But the first quarter data reports for lending, presented a different picture. The banks were £2.2bn short on the SME target of £19bn in the first three months of the year.
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