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UK Pays Lenders £352 Million So Far to Cover Virus Loan Losses

  • Further claims amounting to £1.6 billion lodged as of March 31
  • Government data gives early snapshot of virus loan programs
A total of £77.1 billion ($93.4 billion) was lent across the three government-guaranteed programs established in the first half of 2020 to support UK businesses impacted by the pandemic, according to the Thursday report. 

A total of £77.1 billion ($93.4 billion) was lent across the three government-guaranteed programs established in the first half of 2020 to support UK businesses impacted by the pandemic, according to the Thursday report. 

Photographer: Darren Staples/Bloomberg

The UK has paid lenders £352 million ($429 million) to cover losses so far on virus loans to small businesses, a number that’s likely to grow further with £1.6 billion of further claims lodged by the lenders at the end of March.

Metro Bank Plc, which lent a total of £1.4 billion under the Bounce Back Loan Scheme, has received £122 million as of March 31 after claims for 3,015 loans were processed and payment released, according to a report published Thursday. Barclays Plc received £88 million and Starling Bank £61 million.