Since the Funding for Lending Scheme started in the Summer of 2012, building societies and other mutual lenders have accounted for £15.7 billion of net lending (to September 2013).
During the same period they have drawn down £6.9 billion of FLS money. Conversely, banks and other lenders have reduced their net lending by over £12 billion but have drawn down over £16 billion from the FLS pot.
Commenting on today's release of the Q3 Funding for Lending scheme data Paul Broadhead, Head of Mortgage Policy at the BSA said:
"Building societies and other mutual lenders have consistently led the mortgage market this year, helping people to buy for the first time or move house. Today's figures from the Bank of England confirm that mutuals out-performed the rest of the market in the third quarter, doing more net lending but at the same time drawing down less from the scheme than other lenders.
"When the availability of wholesale funding was restricted the FLS provided a welcome stimulus to lenders and lending. Market conditions have now improved, making funding from this source less necessary. It is clear that mutual lenders never became dependent on the FLS."