To ask Her Majesty's Government how much has been taken up by banks under the loan guarantee scheme to date. [HL1476]

On 8 October 2008, the Government announced, as part of a comprehensive package of measures, the credit guarantee scheme. The scheme took effect on 13 October and assists eligible institutions in refinancing maturing wholesale funding. Banks have drawn down some £100 billion of guarantees.

The enterprise finance guarantee was launched on 14 January 2008 to ensure that viable businesses can continue to access the finance they need through their lenders. As of 20 February 2008 some 400 loans with a value of over £40 million have been offered and are being processed.