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To ask Her Majesty’s Government whether they have established their desired outcomes from the European Investment Bank’s review of its energy sector lending policy; and if so, what are those desired outcomes.[HL6750]
To ask Her Majesty’s Government whether they have established their desired outcomes from the European Investment Bank’s review of its energy sector lending policy; and if so, what are those desired outcomes.[HL6750]
An energy sector lending review is currently being undertaken by the staff of the European Investment Bank, who will submit findings to the board of directors, consisting of directors and alternates nominated by member states and the Commission, for their consideration in due course.
To ask Her Majesty’s Government when they expect to see growth in net lending to small and medium-sized enterprises as a result of the Funding for Lending Scheme. [HL6794]
To ask Her Majesty’s Government when they expect to see growth in net lending to small and medium-sized enterprises as a result of the Funding for Lending Scheme. [HL6794]
The Funding for Lending Scheme (FLS) has contributed to a transformation of the bank funding environment, with banks now having access to significantly cheaper funding. On 24 April, the Bank of England and the Treasury announced an extension to the scheme.
Banks are now passing this cheaper funding on through improved credit availability and cheaper credit to the real economy, including to businesses. For example, banks are offering new and discounted businesses products. It is too early to observe the impacts on business loans in the data as yet as, unlike mortgages, these are not standardised.
However, the extension to the FLS provides greater incentives for banks to lend to small and medium-sized enterprises over 2013 and 2014. For every £1 of net lending to SMEs in 2014, banks will be able to draw £5 from the scheme in the extension period. And to encourage banks to lend to SMEs sooner rather than later, every £1 of net lending to SMEs during the remainder of 2013 will be worth £10 of initial borrowing allowance in 2014. Further details of the extension are available on the Bank of England’s website1.1 http://www.bankofengland.co.uk/publications/Pages/news/ 2013/061.aspx
To ask Her Majesty’s Government how much money was lent to small business by banks in (1) 2010, (2) 2011 and (3) 2012.[HL6689]
To ask Her Majesty’s Government how much money was lent to small business by banks in (1) 2010, (2) 2011 and (3) 2012.[HL6689]
For the period requested, the Department for Business, Innovation and Skills (BIS) holds data on lending to small and medium-sized businesses (SMEs) from a private BIS survey of the four major UK lenders. Approved loan and overdraft facilities for firms classed as SMEs by these lenders (typically under £25 million turnover), for the period were:
| Value
of approved facilities for loans and overdrafts
(£m) | |
| 2010 | 63,700 |
| 2011 | 52,500 |
| 2012 | 42,100 |
These figures are gross facilities approved by banks, including facilities not drawn, and do not reflect repayments
To ask the Secretary of State for Justice what assessment his Department has made of the relationship between court-imposed fines and payday loans since August 2012.
[153338]
To ask the Secretary of State for Justice what assessment his Department has made of the relationship between court-imposed fines and payday loans since August 2012.
[153338]
It has not been possible to respond to the hon. Member in the time available before Prorogation.
To ask the Chancellor of the Exchequer what amount the UK has contributed towards International Monetary Fund and EU bail-outs and other crisis loans to (a) Cyprus, (b) Spain, (c) Portugal, (d) Greece and (e) Ireland over the last five years; and under what repayment terms each of those loans...
To ask the Chancellor of the Exchequer what amount the UK has contributed towards International Monetary Fund and EU bail-outs and other crisis loans to (a) Cyprus, (b) Spain, (c) Portugal, (d) Greece and (e) Ireland over the last five years; and under what repayment terms each of those loans...
I refer the hon. Member to my answer of 19 December 2012, which sets out the UK's exposure to existing financial assistance packages to euro area member states.
For information on the UK's involvement in financial assistance to Cyprus, I refer the hon. Member to my answer of 18 April 2013.
To ask the Chancellor of the Exchequer pursuant to the answer of 15 April 2013, Official Report, column 176W, on business: loans, if he will review the potential mis-selling of fixed rate loans in addition to the current ongoing investigation into interest rate hedging products.
[153116]
To ask the Chancellor of the Exchequer pursuant to the answer of 15 April 2013, Official Report, column 176W, on business: loans, if he will review the potential mis-selling of fixed rate loans in addition to the current ongoing investigation into interest rate hedging products.
[153116]
On 31 January 2013 the Financial Services Authority announced the findings of their pilot scheme and the agreement by the banks involved to begin the full review process. The banks concerned have committed to completing these reviews within six months. However, the Financial Conduct Authority does not regulate business lending and fixed rate loans therefore cannot be part of the review.
To ask the Secretary of State for Communities and Local Government (1) how many working hours officials in his Department spent in connection with its review of barriers faced by some black and ethnic minority entrepreneurs in accessing business finance;
[152636]
To ask the Secretary of State for Communities and Local Government (1) how many working hours officials in his Department spent in connection with its review of barriers faced by some black and ethnic minority entrepreneurs in accessing business finance;
[152636]
The Deputy Prime Minister commissioned the Department for Communities and Local Government to lead a cross-Government review into the barriers being faced by ethnic minority businesses in accessing finance in November 2011.
DCLG have been working closely with other Government Departments, the banking sector and ethnic minority business groups to conclude the review. A report into the review will be published shortly.
Apart from staff resource, no public funds have been committed to this review. No record is kept of staff time.
(2) how much his Department has spent producing its draft review of barriers faced by some black and ethnic minority entrepreneurs in accessing business finance;
[152637]
Mr Umunna:
(2) how much his Department has spent producing its draft review of barriers faced by some black and ethnic minority entrepreneurs in accessing business finance;
[152637]
Mr Umunna:
The Deputy Prime Minister commissioned the Department for Communities and Local Government to lead a cross-Government review into the barriers being faced by ethnic minority businesses in accessing finance in November 2011.
DCLG have been working closely with other Government Departments, the banking sector and ethnic minority business groups to conclude the review. A report into the review will be published shortly.
Apart from staff resource, no public funds have been committed to this review. No record is kept of staff time.
(3) what consideration he has given to his Department's draft review completed prior to 19 April 2012 of barriers faced by some black and ethnic minority entrepreneurs in accessing business finance; and if he will make a statement.
[152638]
Mr Umunna:
(3) what consideration he has given to his Department's draft review completed prior to 19 April 2012 of barriers faced by some black and ethnic minority entrepreneurs in accessing business finance; and if he will make a statement.
[152638]
Mr Umunna:
The Deputy Prime Minister commissioned the Department for Communities and Local Government to lead a cross-Government review into the barriers being faced by ethnic minority businesses in accessing finance in November 2011.
DCLG have been working closely with other Government Departments, the banking sector and ethnic minority business groups to conclude the review. A report into the review will be published shortly.
Apart from staff resource, no public funds have been committed to this review. No record is kept of staff time.
My honourable friend the Minister for Pensions (Steve Webb) has made the following Written Ministerial Statement.
The Government have previously announced that we will work with credit unions on ways in which the future progress of this sector can best be supported.
On 27 June 2012, it was announced that the...
My honourable friend the Minister for Pensions (Steve Webb) has made the following Written Ministerial Statement.
The Government have previously announced that we will work with credit unions on ways in which the future progress of this sector can best be supported.
On 27 June 2012, it was announced that the...
To ask Her Majesty’s Government whether they have conducted a post-programme review of the economic effectiveness of HM Treasury's Project Merlin in promoting bank lending; and, if so, whether any lessons have been learnt.[HL6458]
To ask Her Majesty’s Government whether they have conducted a post-programme review of the economic effectiveness of HM Treasury's Project Merlin in promoting bank lending; and, if so, whether any lessons have been learnt.[HL6458]
Project Merlin aimed to change bank culture by focusing banks on lending more to their business customers. The results show that it had a positive impact as the banks lent over £214 billion to UK businesses in 2011, while gross lending to SMEs was 13% higher than it was in 2010.
However, the Government recognise that negotiated deals cannot be a permanent solution in a market economy. That is why the Government have moved towards initiatives that offer banks more of a direct financial incentive to lend.
The enterprise finance guarantee scheme offers a Government guarantee that enables commercial banks to provide additional debt finance to small and medium-sized enterprises that lack sufficient security but can demonstrate that they have capacity to repay the loan. £200 million of loans were supported through the scheme in 2012.
More recently, the Funding for Lending Scheme (FLS) was launched, designed to incentivise banks and building societies to boost their lending to UK households and non-financial companies. It does this by offering funding to banks and building societies for an extended period and encourages them to supply more credit by making more and cheaper funding available if they increase their lending.
To ask Her Majesty’s Government whether they are investigating the possible mis-selling of fixed-rate loans to small and medium-sized enterprises. [HL6459]
To ask Her Majesty’s Government whether they are investigating the possible mis-selling of fixed-rate loans to small and medium-sized enterprises. [HL6459]
The Financial Conduct Authority (FCA) is currently undertaking a review into the mis-selling of interest rate hedging products. The banks concerned have committed to completing these reviews within six months. However, the FCA does not regulate business lending and fixed rate loans cannot, therefore, be part of the review.
To ask Her Majesty’s Government how many music companies in the past year have obtained loans under (1) the Funding for Lending Scheme, (2) the National Loan Guarantee Scheme, (3) Community Development Finance, (4) Enterprise Finance Guarantee, (5) Business Finance Partnership, (6) Business Finance Partnership: Small Business Tranche, and (7)...
To ask Her Majesty’s Government how many music companies in the past year have obtained loans under (1) the Funding for Lending Scheme, (2) the National Loan Guarantee Scheme, (3) Community Development Finance, (4) Enterprise Finance Guarantee, (5) Business Finance Partnership, (6) Business Finance Partnership: Small Business Tranche, and (7)...
Details of loans made to music companies are available for the Enterprise Finance Guarantee and Start-Up Loans. Enterprise finance guarantee is a scheme that guarantees loans to businesses that would not otherwise qualify for a commercial loan. Sixty-five music businesses have been offered loan facilities of £5.5 million since January 2009. Start-Up Loans, which provides advice and start-up finance for 18 to 30 year-olds looking to start and grow their own businesses, has supported 25 music businesses with £83,000 since September 2012.
The Funding for Lending Scheme, national loan guarantee scheme and Business Finance Partnership are schemes that aim to ease the flow of credit to the real economy. Thirty-nine banks have signed up to the Funding for Lending Scheme so far. It is too early to judge the impact of the scheme on lending due to the time it takes for loans to be processed and drawn down by customers. However, we have already started to see loans becoming more easily available and at cheaper rates. The national loan guarantee scheme has resulted in over 28,000 reduced rate loans being offered to small businesses, with a value of £4.8 billion. We have committed £1.2 billion through the Business Finance Partnership of which almost £800 million has now been made available to lenders along with over £1 billion of co-investment from private sector investors.
Community development finance institutions are organisations that provide lending to individuals and businesses which find it difficult to access funds from the commercial banks. The Government have supported these institutions via tax relief for investors and by making £30 million available, through the regional growth fund which enabled a £60 million scheme for onward lending to businesses.
We do not hold a sector breakdown and therefore cannot say how many music companies have benefited from the later schemes as the funds or guarantees are made to enable lending more broadly and not in response to a specific loan application.
The hon. Gentleman is an experienced Member of the House and will no doubt have taken the opportunity to raise those issues in the debate on the Finance Bill. I draw to his attention what my right hon. Friend the Secretary of State for Business, Innovation and Skills said recently...
The hon. Gentleman is an experienced Member of the House and will no doubt have taken the opportunity to raise those issues in the debate on the Finance Bill. I draw to his attention what my right hon. Friend the Secretary of State for Business, Innovation and Skills said recently...
To ask the Secretary of State for Business, Innovation and Skills (1) what adjustments have been made and savings assumed in departmental expenditure for new regime UK-domiciled part-time undergraduate students entering higher education courses for the first time in 2012-13 at institutions which are not Higher Education Funding Council for...
To ask the Secretary of State for Business, Innovation and Skills (1) what adjustments have been made and savings assumed in departmental expenditure for new regime UK-domiciled part-time undergraduate students entering higher education courses for the first time in 2012-13 at institutions which are not Higher Education Funding Council for...
Student Loans Company (SLC) data on student finance for students at non-HEFCE fundable institutions, for academic year 2012/13, up to 31 March 2013, show the following expenditure, number of students and average support:
| Spend
(£
million) | Number
of
students | Average
support (£
) | |
| Full-time
tuition fee
loans | 35 | 16,000 | 2,100 |
| Full-time
maintenance
loans | 58 | 17,000 | 3,400 |
| Full-time
grants | 30 | 13,000 | 2,200 |
| Part-time
tuition fee
loans | 1 | 500 | 1,300 |
| Part-time
grants | 0.1 | 200 | 500 |
These are not final figures for 2012/13 and are likely to change by the end of the year. The grants category includes both maintenance grants and targeted support such as the disabled students allowance.
We are in the process of reviewing our medium-term forecasts for expenditure on student finance for students at non-HEFCE fundable institutions to reflect the 2012-13 data.
May we have a debate on the Chancellor’s policies and his failure to ensure that banks support small and medium-sized businesses? A company wrote to me recently, saying that
“we keep hearing on the news that the government want to see SMEs growing stronger. How can this happen if SMEs do...
May we have a debate on the Chancellor’s policies and his failure to ensure that banks support small and medium-sized businesses? A company wrote to me recently, saying that
“we keep hearing on the news that the government want to see SMEs growing stronger. How can this happen if SMEs do...
New clause 6 (Remuneration consultants), discussed with new clause 7 (Remuneration committee) and new clause 10 (Remuneration reform), debated and withdrawn. New clause 8 (Financial Crime Unit) debated and withdrawn. New clause 9 (Protection for whistleblowers), debated and withdrawn. New clause 11 (Review into competitiveness), discussed with new clause 22 (Limits on excessive market power), debated and withdrawn. New clause 12 (Bank account portability), discussed with new clause 15 (Basic bank account guarantee), debated and withdrawn. New clause 14 (Publication of trends in bank lending), debated and withdrawn. New clause 18 (Mutual societies) debated and withdrawn. New clause 20 (Annual assessment of developments in respect of risk-weighting) debated and withdrawn. Bill, as amended, to be reported (Bill 159).
New clause 6 (Remuneration consultants), discussed with new clause 7 (Remuneration committee) and new clause 10 (Remuneration reform), debated and withdrawn. New clause 8 (Financial Crime Unit) debated and withdrawn. New clause 9 (Protection for whistleblowers), debated and withdrawn. New clause 11 (Review into competitiveness), discussed with new clause 22...
To ask the Secretary of State for Business, Innovation and Skills what discussions he has had either orally or in writing with (a) the Scottish Government and (b) Scottish Enterprise regarding the advice services to be offered by the proposed Government Business Bank.
[150480]
To ask the Secretary of State for Business, Innovation and Skills what discussions he has had either orally or in writing with (a) the Scottish Government and (b) Scottish Enterprise regarding the advice services to be offered by the proposed Government Business Bank.
[150480]
[holding answer 15 April 2013]: The Secretary of State for Business, Innovation and Skills, the right hon. Member for Twickenham (Vince Cable), has not had any such discussions.
BIS Officials have had discussions with officials in the Scottish Government and Scottish Enterprise about our overall plans for the Business Bank.
The Government have previously announced that we will work with credit unions on ways in which the future progress of this sector can best be supported.
On 27 June 2012, it was announced that the Government will take forward the findings of the Department for Work and Pensions credit union expansion...
The Government have previously announced that we will work with credit unions on ways in which the future progress of this sector can best be supported.
On 27 June 2012, it was announced that the Government will take forward the findings of the Department for Work and Pensions credit union expansion...