23rd Apr 2009 11:45
BARCLAYS PLC
23 April 2009
Barclays announces intention to lend additional £11bn to UK households and businesses
Barclays announced today its intention to increase lending to its UK customers and clients in 2009 by £11bn, an increase of 6% on UK loan balances at the end of 2008. Loan balances in the UK increased to record levels in 2008, up 12% on the previous year. This move adds substantially to the support which Barclays already provides to its UK customers and clients.
Barclays additional lending will be directed, subject to customer demand, commercial terms and credit criteria, to UK homeowners and homebuyers (a £5.5bn increase in lending) and businesses (a £5.5bn increase in lending). The latter includes the £1.5bn increase in lending to small and medium-sized enterprises announced on 15 December 2008.
Speaking at Barclays Annual General Meeting today, Barclays Group Chief Executive John Varley said:
"At a time when customers are seeking to cope with the economic downturn, and governments and supervisors are dealing with the effects of the financial crisis, we want to do our part in getting credit to customers. Activity by households and businesses will help restore sustainable growth to the UK economy. This is a good time to lend, in circumstances where the commercial and risk terms make sense to our customers and our shareholders."
Ends
For further information please contact:
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Investor Relations |
Media Relations |
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Stephen Jones |
Alistair Smith |
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+44 (0) 20 7116 5752 |
+44 (0) 20 7116 6132 |
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About Barclays
Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the USA, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 156,000 people. Barclays moves, lends, invests and protects money for 48 million customers and clients worldwide. For further information about Barclays, please visit our website www.barclays.com.
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