HSBC will become the first major bank to publish regional lending data on a regular basis, City A.M. has learned, after business ministers called for the industry to become more transparent over the allocation of credit.
Despite several state schemes, lending to businesses is falling so ministers are trying to find new ways to put pressure on the banks.
Ministers Vince Cable and Michael Fallon last week demanded weekly data be published on SME and personal lending, and HSBC is the first bank to respond.
It will shortly publish mortgage and SME data on a quarterly basis, broken down by nine UK regions.
This is particularly big as HSBC is the only major lender not taking part in the Funding for Lending Scheme under which banks publish UK-wide lending data each quarter.
“We understand the public interest in lending figures,” said the bank. “We are working with the British Bankers’ Association to provide SME lending data. In principle, we see no reason why that work could not be extended to personal loans and mortgages. As an interim step, we will publish regional data on our website.”By tim wallace