18 October 2001, 13:12 UK Sept private bank lending up 9.717 bln stg vs 11.553 bln rise in Aug - BBA
LONDON (AFX) - Total sterling lending by major British banks to the
UK private sector rose by a seasonally-adjusted 9.717 bln stg in
September, after allowing for mortgage securitisation, compared with a
revised 11.553 bln stg rise the previous month, according to the
British Bankers' Association.
Mortgage lending rose an underlying 3.667 bln stg in September,
compared with an underlying rise of 4.026 bln in August.
Meanwhile, consumer credit rose 849 mln stg in September, compared
with a 789 mln rise the previous month. Credit card borrowing rose by
172 mln stg, compared with 82 mln. September's rise was the largest for
four months.
Lending to the financial sector rose 3.064 mln stg, compared with a
rise of 4.34 bln stg seen a month earlier, while lending to securities
dealers was up 1.438 bln stg, compared with 4.4 bln stg gain in August.
On the liabilities side of banks' balance sheets, individuals'
deposits rose by 2.232 bln stg in September, against August's 2.609 bln
stg rise.
BBA's head of research and statistics, Peter Vipond said these were
the first figures since the terrorist attacks on Sept 11, and noted
that there has been "no direct evidence of any impact upon corporate
demand for finance."
However, he said increased lending to consumer-dependent sectors
such as retailers, wholesalers, hotels and transport "may be
symptomatic of reduced activity in the immediate weeks after."
Mortgage lending remains buoyant, he said, though not as strong as
recent months. Consumer credit remains on trend, in part due to a pick
up in card borrowing, he said.
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