FRANKFURT The Bank of England and the British Treasury on Friday released details of the Funding for Lending Scheme, a program announced last month that policy makers hope will boost lending to the real economy. The program aims to lower banks’ funding costs by allowing them to borrow more cheaply from the Bank of England, provided the funds are used for lending to individuals and businesses. Participating banks and building societies will be able to borrow up to 5% of their stock of existing lending to the real economy, plus any net expansion of lending during a reference period that runs from the end of last month to the end of December 2013, the Bank of England said. “The more banks expand lending, the more they can use the scheme. That will encourage banks to make loans to families and businesses both cheaper and more easily available,” said Bank of England Gov. Mervyn King, in a news release.
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