UK Finance responds to joint HMT, BoE and FCA letter on bank lending and Covid-19

The Chancellor, the Governor of the Bank of England, and the CEO of the FCA have today written a joint letter to the CEOs of UK banks on the subject of COVID-19 and bank lending.

Commenting on the letter, Stephen Jones, CEO of UK Finance, said:

?The banking and finance sector is working closely with the government and regulators to deliver the support and flexibility businesses and consumers need during this challenging time.

?The industry is committed to supporting the economy through this temporary shock to the fullest extent, and has the capacity to assist viable businesses with their cashflow and investment needs.

?Lenders are working hard to provide the required funding to these firms as soon as possible, including through the recently announced CBIL and CCFF schemes.

?We will continue to work with the government, Bank of England and FCA over the coming months to ensure the industry's ability to protect and serve its customers.?

Notes to editor

<ol><li>UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation. </li>
<li>The banking and finance industry remains committed to supporting all customers who are impacted directly or indirectly by COVID-19 and has announced a <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c… of measures</a> to help them during this time.</li>
<li>UK banks, UK Finance and the Bank of England issued a <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c… statement</a> on Covid-19 on Monday 23 March 2020, emphasising that banks are in a strong position to provide further support to the economy during this time and are ready and willing to do so.</li>
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COVID-19