BBA statement on Government package of financial announcements

[Legal Beagles]

The British Bankers' Association welcomes today's announcement as key to increasing lending to the economy.

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[Amethyst]

Re: BBA statement on Government package of financial announcements

19/01/2009

"The British Bankers' Association welcomes today's announcement as key to increasing lending to the economy. A combination of current capital rules, the poorer economic outlook and global problems in the worldwide financial system all need to be addressed for the major UK banks to be able to maintain their own lending as well as filling the lending gap caused by smaller institutions and overseas lenders retrenching to their own markets.

"We also welcome the changes to the money markets which will help improve liquidity. Today's package of measures - for which banks will pay - underline their continuing commitment to helping the UK economy through these difficult times. We look forward to working speedily through the details with the relevant authorities."