BBA
"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."
Nationwide Building Society
Nationwide Building Society supports the measures announced today by the UK Government.
The proposals demonstrate how the Tripartite authorities have worked in unison to identify and implement a comprehensive package to reinforce the stability of the financial system by taking steps to improve liquidity and funding, stimulate lending and strengthen capital.
Nationwide welcomes the funding package for the mortgage backed securities market, as recommended in the Crosby Report, and the other measures designed to enable further steps towards normalising long-term funding access for UK financial institutions.
Graham Beale, chief executive of Nationwide, comments: "We are supportive of the Government's suite of measures announced today and the Society has long been a supporter of the aim of the Crosby recommendations. We look forward to continuing to work closely with the Tripartite authorities to ensure that the scheme promotes the re-emergence of the mortgage backed debt market. Prior to September 2007, this was a key source of funding for the UK mortgage market."
