TWO-YEAR £10 BILLION LENDING PLEDGE
London, 28 October 2009 : National Australia Bank Group, owner of the Clydesdale and Yorkshire Banks, today released full year results for its UK Region’s* operations for the 12 months to 30 September 2009. Unless otherwise stated, figures are comparisons with the 12 months to 30 September 2008. Highlights are :
Lynne Peacock, Chief Executive, said:
"We’ve kept our business safe, secure and in the best possible shape by maintaining a strong capital position and supporting our customers in these challenging times. We’re now moving up a gear.
"Today we are pledging £10 billion of new lending to support business and mortgage customers over the next two years. In achieving this, we will maintain our prudent credit and asset quality controls, just as we have in over £4 billion of new lending in the past year. Our pledge of additional funding is a considerable commitment for a business of our size. It will help to ensure customers continue to have real choice in a consolidating market and are supported when they need it most.
"We will continue to avoid the excesses of the sector and will maintain our careful strategic approach. Independent of Government capital support, we remain profitable, well capitalised and with clear underlying strength. The fundamentals of our business are strong and we are well positioned to capitalise on future growth opportunities.”
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* The UK Region consists of banking and wealth management activities in the UK operating under the ClydesdaleBank and Yorkshire Bank brands. It does not include nabCapital’s operations in the UK.
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Clydesdale Bank is covered by the Financial Services Compensation Scheme (FSCS), Find out more.