December 22, 2016 / 3:47 PM / 2 years ago

Bank of England says banks' demand for cheap finance doubles in last week

LONDON, Dec 22 (Reuters) - British lenders’ usage of a new Bank of England scheme which helps them pass on August’s interest rate cut more than doubled over the past week, figures from the central bank showed on Thursday.

The BoE said the total amount of loans made through its Term Funding Scheme was 20.515 billion pounds ($25.30 billion) between Sept. 19 and Dec. 21, up from 9.895 billion pounds in data last week which covered the period running up to Dec. 14.

A Bank of England spokeswoman declined to comment on the increase.

Demand for an older BoE programme designed to provide banks with cheap finance for new lending, the Funding for Lending Scheme, has tended to increase towards year-end, according to the central bank’s data. ($1 = 0.8109 pounds) (Reporting by Andy Bruce; editing by Kate Holton)

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