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Published: 28 November 2013

The Council of Mortgage Lenders says that the changes to the Funding for Lending Scheme to remove the incentives that favour mortgage lending, announced today by the Bank of England, reflect the improvement in funding market conditions that has been experienced in recent months.

CML director general Paul Smee observes:

"Although the changes to the FLS may be a surprise, they are not a shock. Mortgage lenders are well equipped to meet their funding needs, as wholesale funding market conditions have improved and retail deposits are robust."

Notes to editors

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.2 million mortgages in the UK, with loans worth over £1.2 trillion.

2. The Bank of England's announcement - Bank of England and HM Treasury re-focus the Funding for Lending Scheme to support business lending in 2014 - is available on the Bank's website.

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