Banks may quit credit scheme
BRITISH banks that benefited from the government’s Credit Guarantee Scheme at the height of the credit crunch will be able to buy back their debt before maturity, the government said yesterday.
Royal Bank of Scotland and Lloyds Banking Group were the main beneficiaries of the scheme, which was closed to new entrants more than a year ago. The Treasury said the move demonstrated the growing health of the banking sector.
“The UK banking sector is clearly on the mend,” chancellor George Osborne said.