HSBC says to boost home lending 20 percent in 2009

Published 08th Dec 2008

HSBC Holdings unveiled plans on Monday to increase its lending to homeowners by 20 percent in 2009 as banks come under political pressure to pass on the benefit of government measures to boost lending.

HSBC said it would raise its mortgage fund to 15 billion pounds in 2009, which is approximately double the 7.8 billion pounds it lent to homeowners in 2007.

The bank said it will have lent 12.8 billion pounds in 2008.

"By some estimates, net mortgage lending in the UK will fall next year, but HSBC has no intention of closing its doors to customers, nor will we compromise our reputation for responsible lending," said Paul Thurston, HSBC's managing director.

HSBC also said on Sunday that it would create a $5 billion (3.34 billion pounds) fund for small and medium-sized business to help them weather the credit crisis.

Source: ' reuters '

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