UK Money News
27th February 2008
Banks 'treading carefully over credit'
Banks are addressing the issue of credit with due care, the head of the British Banking Association (BBA) has said.
Speaking on BBC Radio 4's Today programme, chief executive Angela Knight said banks were treating credit "very carefully".
"Looking at risk and being careful both in terms of lending and in individuals in terms of borrowing are clear issues that need to be looked at with significant care over the coming months," she commented.
"Assessment of credit and whether people have got the right or should be borrowing is something that the banks do treat very carefully."
The news came as the head of the Financial Services Authority, Hector Sants, urged industry to stick to its principles when assessing risk.
"You should be preparing for this changed environment and you, and your customers, will need to recognise that there are both short and long-term risks, and think about the implications," he told an audience of investors.
Banks have come under increasing pressure to tighten the rules governing lending following the credit crunch, with financial institutions and consumers suffering over the number of people unable to pay back money they had borrowed.
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