Pledge to increase mortgage lending

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After the latest Government bail outs and with Northern Rock taking the lead in the mortgage markets, the likes of RBS needed to do something to take their control back.
Nothern Rock are putting pressure on other banks to increase lending as well as offering customers better deals, otherwise Nothern Rock are likely to take a huge amount of the total market.

Pledge to increase mortgage lending

The two banks have agreed to increase loans to homeowners and small businesses in return for about £500 billion of taxpayers’ assistance. The deal will be announced before the end of the week.
The commitment follows a similar pledge by Northern Rock earlier this week to boost lending by about £14 billion over the next two years.