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Drop in lending recorded in Q1 of 2023
Lenders reported that total funding volumes decreased in the three months to the end of February 2023, according to the Bank of England’s liabilities survey.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Within this, lenders said other funding – including wholesale debt funding, deposits and funding via central bank operations – was unchanged, but retail deposit funding decreased. They also reported the cost of funding – relative to appropriate reference rates – decreased on both “other” funding and retail deposits.
Additionally, the supply of deposits from both households and private non-financial corporations decreased but reported the proportion of wholesale market funding accounted for by long-term instruments increased. As for UK and non-UK investor demand for wholesale bank debt, this also increased in the first quarter of 2023 but is expected to decrease in the second quarter.
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