With the future of many coronavirus hit firms in their hands, British banks, still scarred by the financial crisis, are worried that they are being asked by a desperate government to make loans that will never be repaid.
But of around 130,000 inquiries received as of Friday for the Coronavirus Business Interruption Loan Scheme for smaller firms, only 1,250 loans totalling some 145 million pounds had been made. Bankers welcomed the ditching of a requirement to assess whether a business was first eligible for a commercial loan before being accepted in the scheme.
An executive at one smaller British bank, who declined to be named, acknowledged a"public duty" to help those in need but said there were limits to what could be offered. Analysts at KBW calculate that bad loans for the top British banks are likely to hit 31 billion pounds in 2020, some 23 billion pounds more than forecast prior to the pandemic.
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