案例库 · 财务与会计 · 财务决策 · 2012–2015
这条还没译成中文，下面是英文原文。
The Bank of England made the price of cheap funding grow with lending
In 2012 the Bank of England lent banks cheap funds whose price fell the more they lent to the real economy
Bank of England · HM Treasury
那一手
After the 2008 crisis banks held cheap central-bank money but stopped lending, so cheap funding failed to reach households and firms. Lowering the rate alone did nothing.
In July 2012 the Bank of England and HM Treasury launched the Funding for Lending Scheme. Participants could borrow up to 5% of existing lending, plus pound-for-pound for any net new lending, and the fee fell for lenders who expanded and rose for those who cut back.
This made the discount contingent on behaviour. A bank earned cheap funding by lending more, so the scheme targeted the freeze rather than the price of money, and the structure became a template for lending-conditioned facilities.
为什么管用
- The fee was tied to net lending, so expanding credit lowered a bank's funding cost
- Pound-for-pound access meant every new loan bought more cheap funding, not less
- Banks that shrank paid a higher fee, so there was a penalty for hoarding
- It reached the real economy directly rather than hoping low rates would flow through
可以搬走什么
To make cheap funding produce loans, attach the price to the lending you want: tie the discount to expanded credit, and a bank wins only by doing what the economy needs
后来呢
The scheme opened to drawings from August 2012 to January 2015 and was extended in April 2013 to include non-bank lenders and to tilt incentives toward small and medium enterprises. It was credited with pushing down mortgage and corporate rates, though business lending stayed weaker than hoped. The lending-contingent design became a reference for how a central bank can try to turn cheap funding into actual credit.
资料来源
- Bank of England and HM Treasury announce launch of Funding for Lending Scheme
- Funding for Lending scheme to encourage lending to families and businesses
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