Bank of England survey shows fall in default rates
3 April 2013
Deloitte, the business advisory firm, comments on the Bank of England’s latest credit conditions survey that shows default rates on unsecured loans fell in the first three months of 2013.
Damian Hales, partner at Deloitte, said:
“The credit conditions survey figures are encouraging. The slight increase in secured and unsecured lending to households and larger corporations is encouraging, though arguably an increase in lending to small and medium sized companies is also required before the trend can suggest economic recovery.
“The fall in default rates could be attributed to two factors: either the new affordability and stricter loans criteria used by lenders are working and lending is more sustainable, or the pre-2007 higher-risk lending has now been largely dealt with leaving a more sustainable lending environment.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
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