Transparency data

COVID-19 loan guarantee schemes performance data as at 31 December 2022

Updated 28 November 2023

Today the Government provides an update on the performance of the Covid-19 Loan Guarantee Schemes. The data in this release includes specific information for the Bounce Back Loan Scheme (BBLS) on the value of loans marked as suspected fraud, claims made by individual lenders who are accredited for the scheme and those claims which have subsequently been settled (i.e., paid out) by the Government under the scheme.

It also includes information on the amounts drawn and settled for individual lenders under the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS).

The data in this publication is as of 31 December 2022 unless otherwise stated. The data comes from information submitted to the British Business Bank’s (the Bank’s) scheme portal by accredited scheme lenders.

As of 31 December 2022, businesses have drawn a total of £46.6 billion through BBLS, £25.9 billion through CBILS and £4.5 billion through CLBILS. The first evaluation of the Covid-19 Loan Guarantee Schemes, published in June 2022, found that up to 500,000 businesses and up to 2.9m jobs may have been saved by the schemes.

Headline figures (aggregated figures across all schemes)

• £77 billion: the total amount Drawn
• £38 billion: the Outstanding Balance of total Drawn loans making payments on schedule
• £14.5 billion: the amount that has been Fully Repaid by borrowers
• £3.2 billion: the Outstanding Balance of loans in Arrears that haven’t yet progressed to Defaulted
• £1.2 billion: the Outstanding Balance of loans Defaulted that haven’t yet progressed to Claimed
• £1.8 billion: the Outstanding Balance of loans Claimed that haven’t yet progressed to Settled
• £4.4 billion: the total Settled amount (the amount paid out to lenders under all schemes guarantee agreements)
• £1.16 billion: the total Drawn value flagged by lenders as suspected fraud (BBLS and CBILS) *

*There has not been any suspected fraud reported for CLBILS.

Notes:

The values stated above will not add up to the total Drawn values as set out in column 1 of Tables 3 (Detailed loan status by lender - BBLS), 7 (Lender breakdown of facilities drawn and settled - CBILS) and 9 (Lender breakdown of facilities drawn and settled - CLBILS). This is because the above figures do not take account of events which can reduce outstanding balances - for example: partial repayments of a loan, certain recoveries received in respect of a loan, and loan amounts written-off by lenders.

To aid the reader’s understanding of the data, the terms used in this publication are defined at the end.

For CBILS and CLBILS, the Government provides a Lender with a guarantee of 80% of the losses it suffers in respect of a guaranteed loan. For BBLS, the Government provides a Lender with a guarantee of 100% of the losses it suffers in respect of a guaranteed loan. All businesses remain responsible for repaying their loans under the schemes and are fully liable for the debt before, as well as after, a claim is made on the guarantee.

It is important to recognise that it is still relatively early in the life of the schemes, and therefore it is too soon to definitively assess the performance of a particular scheme or the schemes as a whole. Data being collected from accredited scheme lenders is subject to refinement, addition, and correction over time. Please see “Limitations and further considerations” below for further background.

Coronavirus Business Interruption Loan Scheme (CBILS)

More than 94% of CBILS facilities are either fully repaid (25% - up from 18% in the July 2022 publication) or on schedule (69% - down from 78% at the last publication ^{[footnote 1]}. Just over 1.5% are currently in arrears (but have not yet progressed to default) and 1.3% are currently in default (but have not yet progressed to a claim by lenders). The Government guarantee has so far been settled (i.e., claimed by lenders and paid out by the British Business Bank) on 1.9% of the total CBILS loans.

Coronavirus Large Business Interruption Loan Scheme (CLBILS)

More than 98% of CLBILS facilities are either fully repaid (44% - up from 26% in the July 2022 publication) or on schedule (54% - down from 73% at last publication ^{[footnote 2]}. Fewer than 1% are currently in arrears (but have not yet progressed to default), and fewer than 1% are currently in default (but have not yet progressed to a claim by lenders). The Government guarantee has so far been settled (i.e., claimed by lenders and paid out by the British Business Bank) on fewer than 1% of the total CLBILS loans.

Bounce Back Loan Scheme (BBLS)

More than 79% of BBLS facilities are either fully repaid (11% - up from 7% in the September 2022 publication) or on schedule (68%, down from 78% at the previous publication ^{[footnote 3]}. Around 7% of all scheme facilities are currently in arrears (but not yet progressed to default), and 2% are currently in default (but have not yet progressed to a claim by lenders). The Government guarantee has so far been settled (i.e., claimed by lenders and paid out by the British Business Bank) on just under 9% of the BBLS loans.

BBLS – Pay As You Grow uptake

31% of BBLS businesses have used one or more of the Pay As You Grow options announced by the Chancellor of the Exchequer in September 2020, (up 3 % since the July 2022 publication). These options give greater flexibility to businesses who wish to manage their loan repayments more effectively by offering a variety of options to structure their repayments.

All Schemes

The data in this table aggregates all Covid-19 Schemes (CBILS, CLBILS and BBLS).

All data excludes loans where a scheme guarantee has been removed and is no longer covered by a scheme.

Table 1: All Covid-19 Loan Schemes

These tables show current figures rather than original drawn loan figures. See Definitions below when interpreting these tables.

Furthest life event reached	Number of facilities	% number of facilities	Outstanding balance (£m)	Final amount (£m)
On Schedule	1,117,053	68.28%	38,089.70	-
Arrears	108,734	6.65%	3,233.93	-
Defaulted	34,756	2.12%	1,210.05	-
Claimed	56,369	3.45%	1,836.32	-
Settled	132,093	8.07%	-	4,375.05
Fully Repaid	186,879	11.42%	-	14,540.71
Grand Total	1,635,884	100%	44,369.99	18,915.76

Notes on Table 1

Outstanding balance for on schedule loans – is a projected figure based on the amortisation profile of individual loans. It uses existing data points to identify the remaining loan value but is limited due to some lender data not being available.

Bounce Back Loan Scheme (BBLS)

All data and the accompanying narrative in this section refer only to BBLS.

Table 2: Life event values for BBLS lending

Lender Name	On Schedule Outstanding balance (£m)	Arrears** Outstanding balance (£m)	Defaulted Outstanding balance (£m)	Claimed Outstanding balance (£m)	Settled* Final amount (£m)	Fully Repaid Final amount (£m)
AIB Group (UK) Plc	86.94	0.00	2.14	0.55	1.56	18.48
Allica Bank Limited	23.19	4.15	0.06	0.00	0.00	0.72
Arbuthnot Latham & Co Ltd	9.07	0.14	0.13	0.10	0.20	2.81
Bank of Ireland (UK) Plc	154.53	9.23	4.87	1.48	4.97	19.07
Bank of Scotland plc	528.71	61.78	22.40	45.77	67.87	131.59
Barclays Bank Plc	5,447.52	645.64	244.58	299.40	1,318.50	1,090.25
Close Brothers Ltd	1.28	0.00	0.00	0.03	0.35	0.23
Clydesdale Bank Plc	527.62	51.05	13.38	32.30	83.86	122.34
Conister Finance & Leasing Ltd	2.97	2.33	0.00	0.61	4.12	0.02
Co-operative Bank Plc, The	155.72	6.84	6.84	4.95	12.85	46.77
Danske Bank	180.39	1.77	2.43	0.04	6.31	25.37
Funding Circle	22.82	0.63	0.28	0.27	2.95	3.06
GC Business Finance	4.26	0.00	0.36	0.07	0.15	0.08
HSBC UK Bank Plc	3,858.02	517.69	109.31	474.08	218.55	859.22
Investec Bank PLC	2.20	0.13	0.00	0.03	0.05	0.35
Lloyds Bank Plc	4,211.11	598.83	207.40	402.12	630.76	1,000.58
Metro Bank PLC	620.71	114.95	4.72	60.18	349.59	96.64
NatWest Group plc	4,910.16	305.93	157.77	106.55	694.16	1,049.45
New Wave Capital Limited	4.43	0.00	0.85	0.36	9.85	2.08
Paragon Bank PLC	3.77	0.06	0.00	0.00	0.26	0.98
Santander UK	2,326.97	231.25	32.55	74.22	385.13	511.57
Skipton Business Finance Ltd	1.83	0.01	0.00	0.03	0.37	0.68
Starling Bank Ltd	663.59	138.13	150.89	167.87	237.91	97.58
Tide Capital Ltd	20.58	0.00	1.18	1.28	21.16	3.12
TSB Bank PLC	321.10	41.79	6.10	21.84	64.50	60.46
Grand Total	24,089.50	2,732.33	968.25	1,694.13	4,115.97	5,143.51

*Settled - once the guarantee claim is processed and payment is released, the facility is marked as settled on the Scheme portal. Some lenders may be more advanced than others in their claims and recoveries processes which could lead to figures being distorted. Lenders may submit guarantee claims quarterly in line with the terms of the guarantee.

**Arrears - lenders submit arrears on a best endeavours basis either manually or through the Bank’s API functionality in the Scheme portal. It is not possible for smaller lenders to integrate with the Bank’s APIs.

Notes on Table 2

The values in Table 2 will not sum up to the total Drawn Value as it is not possible to take account of events which can reduce outstanding balances - for example: partial repayments of a loan, certain recoveries received in respect of a loan and amounts written-off loans by lenders.

Values in Table 4 (Outstanding balance/final amount at furthest life event for loans with suspected fraud flags) are a sub-set of the values in Table 2 (Life event values for BBLS lending). Table 2 shows the life event values for all BBLS loans, whereas Table 4 shows life event values for BBLS loans that have a suspected fraud flag.

Figure 1: Furthest life event reached by volume (number of loans) – BBLS

Note: Fully repaid is the final life event, but is displayed first in this figure for readability

Notes on Figure 1

Figure 1 shows the volume of BBLS loans, per lender, with the furthest life event reached. This is the only data presented that will add up to 100% because it is based on the volume of loans drawing on individual loan level data from lenders which reports the status of each loan – rather than the value of the loans (where, as noted above, there may be small discrepancies in the total depending on the precise payment status of the loans).

Table 3: Detailed loan status by lender – BBLS (including suspected fraud)

Lender Name	Drawn value (£m)	% of drawn value	Suspected fraud value (£m) *	% Suspected fraud of Drawn value	Claimed value (reason “fraud”) (£m) **
AIB Group (UK) Plc	137.14	0.29%	2.17	1.58%	0.85
Allica Bank Limited	35.68	0.08%	0.12	0.34%	0.00
Arbuthnot Latham & Co Ltd	13.73	0.03%	0.05	0.36%	0.05
Bank of Ireland (UK) Plc	247.30	0.53%	6.35	2.57%	1.58
Bank of Scotland plc	1,046.58	2.24%	32.16	3.07%	15.96
Barclays Bank Plc	10,785.05	23.12%	250.15	2.32%	61.62
Close Brothers Ltd	2.26	0.00%	0.05	1.99%	0.05
Clydesdale Bank Plc	1,009.33	2.16%	11.10	1.10%	3.91
Conister Finance & Leasing Ltd	10.42	0.02%	2.73	26.19%	3.06
Co-operative Bank Plc, The	285.33	0.61%	6.61	2.32%	3.93
Danske Bank	279.18	0.60%	6.47	2.32%	4.76
Funding Circle	35.41	0.08%	0.74	2.10%	0.74
GC Business Finance	5.81	0.01%	0.23	3.87%	0.15
HSBC UK Bank Plc	7,236.06	15.51%	110.00	1.52%	72.16
Investec Bank PLC	3.30	0.01%	0.00	0.00%	0.00
Lloyds Bank Plc	8,540.74	18.31%	317.09	3.71%	121.36
Metro Bank PLC	1,435.78	3.08%	7.07	0.49%	0.34
NatWest Group plc	8,923.16	19.13%	160.70	1.80%	43.22
New Wave Capital Limited	19.20	0.04%	5.32	27.69%	4.88
Paragon Bank PLC	5.98	0.01%	0.15	2.42%	0.13
Santander UK	4,289.95	9.20%	83.83	1.95%	57.57
Skipton Business Finance Ltd	3.64	0.01%	0.00	0.00%	0.00
Starling Bank Ltd	1,605.68	3.44%	94.64	5.89%	79.80
Tide Capital Ltd	59.97	0.13%	0.45	0.75%	0.44
TSB Bank PLC	624.82	1.34%	22.44	3.59%	19.27
Grand Total	46,641.50	100%	1,120.61	2.40%	495.81

*Suspected fraud value (£m) – Value of drawn loans which are currently marked as suspected fraud by lenders. This flag can be added or removed by lenders at any point, based on their continued analysis of their loan portfolios and this table provides only the latest position as at 31 December 2022.

**Claimed value (reason ‘fraud’) (£m) – Lenders give a reason for a claim being made when they submit a guarantee claim under the BBLS. This is separate to the process of marking a facility as suspected fraud. Lenders cannot change the reason for making a claim once the claim is settled. This value includes all loans that have had a claim made on the guarantee - e.g., those that have been settled.

Notes on Table 3

Lenders are listed alphabetically. Order of listing should not be used to make comparisons of lender performance.

To aid the reader’s understanding of the data, the terms used in this publication are defined at the end (see Definitions).

All data excludes loans where a scheme guarantee has been removed and is no longer covered by the BBLS.

Column 4 (Suspected fraud value) and column 6 (Claimed value (reason “fraud”)) are not linked. They move at different rates, as the data in column 6 is derived at the point of time a Lender submits a claim and is static. The data in column 4 fluctuates, and it relies on lenders’ business as usual threshold for fraud reporting. Flags in the Lender Portal may be both added and removed by Lenders as they suspect and investigate fraud.

The values in Table 3 (Detailed loan status by lender) will not correspond to the values in Tables 2 (Life event values for BBLS lending) or 4 (Outstanding balance/final amount at furthest life event for loans with suspected fraud flags). This is because it is not possible to take account of events which can reduce outstanding balances - for example: partial repayments of a loan, certain recoveries received in respect of a loan, loan amounts written-off by lenders. Table 4 refers to life event values, not suspected fraud values.

Suspected fraud - BBLS

Lenders have flagged £1.1 billion of the £46.6 billion of BBLS Drawn Value as suspected fraud (See Table 4 Outstanding balance/final amount at furthest life event for loans with suspected fraud flags). This relies on lenders’ business as usual thresholds for fraud reporting. Where a lender has derived sufficient grounds to suspect fraud, they may indicate this via the scheme portal.

The statistics presented are only an indicator of the levels of suspected fraud which has been identified as at 31 December 2022. This figure is subject to change as lenders review cases. A ‘suspected fraud’ flag can be added or removed by lenders at any point based on their continued analysis of their loan portfolios, and only the latest position can be provided. “Suspected fraud” will not necessarily equate to actual fraud in the scheme and the marking of a loan as “Suspected fraud” within the scheme portal does not necessarily mean that there has been any proven wrongdoing on the part of the borrower.

Lenders employ different approaches to fraud identification according to their own individual systems and operational practices. These approaches can change over time due to technology advances, updated regulatory requirements and industry standards.

The data shows that, of the £4.1 billion total Settled amount as of 31 December 2022, £640 million has been paid out to lenders against loans with a suspected fraud flag. Since fraudulent loans are likely to be among the first to default, it is expected that the proportion of guarantee claims linked to loans with a suspected fraud flag should decline as the scheme matures, though this will only become apparent over time. However, there may be variances with this figure as lenders complete their internal processes and report upon suspected fraud.

Life event values for suspected fraud loans – BBLS

Table 4: Outstanding balance/final amount at furthest life event for loans with suspected fraud flags (BBLS)

Lender Name	On Schedule Outstanding balance (£m)	Arrears Outstanding balance (£m)	Defaulted Outstanding balance (£m)	Claimed Outstanding balance (£m)	Settled* Final amount (£m)	Fully Repaid Final amount (£m)
AIB Group (UK) Plc	0.22	0.00	0.91	0.29	0.70	0.00
Allica Bank Limited	0.10	0.00	0.00	0.00	0.00	0.00
Arbuthnot Latham & Co Ltd	0.00	0.00	0.00	0.05	0.00	0.00
Bank of Ireland (UK) Plc	1.08	1.34	1.06	0.46	1.58	0.27
Bank of Scotland plc	1.53	0.13	0.36	4.21	15.94	6.09
Barclays Bank Plc	12.16	4.85	7.55	9.08	207.80	0.24
Close Brothers Ltd	0.00	0.00	0.00	0.00	0.05	0.00
Clydesdale Bank Plc	0.77	0.81	0.26	1.17	6.62	0.30
Conister Finance & Leasing Ltd	0.03	0.05	0.00	0.10	2.52	0.00
Co-operative Bank Plc, The	0.26	0.19	1.66	2.35	1.93	0.08
Danske Bank	0.04	0.05	1.31	0.04	4.80	0.00
Funding Circle	0.00	0.00	0.00	0.15	0.59	0.00
GC Business Finance	0.00	0.00	0.00	0.00	0.15	0.05
HSBC UK Bank Plc	0.08	2.63	5.27	34.46	58.11	1.14
Investec Bank PLC	0.00	0.00	0.00	0.00	0.00	0.00
Lloyds Bank Plc	28.17	7.88	2.91	13.77	150.38	62.74
Metro Bank PLC	1.07	0.51	0.00	0.19	2.88	0.15
NatWest Group plc	4.69	52.45	7.78	2.81	48.69	22.32
New Wave Capital Limited	0.11	0.00	0.00	0.00	4.88	0.00
Paragon Bank PLC	0.00	0.00	0.00	0.00	0.13	0.00
Santander UK	0.48	1.64	5.03	4.56	60.42	3.51
Skipton Business Finance Ltd	0.00	0.00	0.00	0.00	0.00	0.00
Starling Bank Ltd	0.08	0.41	2.83	29.16	54.01	2.76
Tide Capital Ltd	0.00	0.00	0.00	0.04	0.40	0.00
TSB Bank PLC	0.03	0.11	0.33	1.41	17.83	0.00
Grand Total	50.89	73.04	37.25	104.29	640.40	99.65

* Settled - once the guarantee claim is processed and payment is released, the facility is marked as settled on the Scheme portal. Some lenders may be more advanced than others in their claims and recoveries processes which could lead to figures being distorted. Lenders may submit guarantee claims quarterly in line with the terms of the guarantee. Settled amounts may not match with the ‘Claim value’ column in Table 2 due to data corrections done by lenders post submission of a claim on the guarantee. These data corrections are not reflected in the data in Table 3.

**Arrears - lenders submit arrears on a best endeavours basis either manually or through the Bank’s API functionality in the Scheme portal. It is not possible for smaller lenders to integrate with the APIs in the Scheme portal.

Notes on Table 4

Table 4 includes all BBLS loans which are currently marked as suspected fraud by lenders at their most recent life event (On schedule, Arrears, Defaulted, Claimed, Settled, Fully repaid), or on schedule if no event has occurred - for example, a loan is counted as in ’Arrears’ in this table if it has been marked as in arrears but has not Defaulted or been Claimed.

Values in Table 4 (Outstanding balance/final amount at furthest life event for loans with suspected fraud flags) are a sub-set of the values in Table 2 (Life event values for BBLS lending). Table 2 shows the life event values for all BBLS loans, whereas Table 4 shows life event values for BBLS loans that have a suspected fraud flag.

BBLS Pay As You Grow

Table 5: BBLS Pay As You Grow (PAYG) Usage

PAYG option taken	Number of facilities	% of BBLS facilities	Drawn value (£m)
10 Year Extension	150,794	9.81%	5,216.54
6mth Payment Holiday	76,098	4.95%	2,339.38
Interest Only Repayment	35,248	2.29%	1,020.54
10 Year Extension + 6mth Payment Holiday	85,830	5.58%	3,037.08
10 Year Extension + Interest Only Repayment	32,091	2.09%	1,102.88
6mth Payment Holiday + Interest Only Repayment	38,554	2.51%	1,219.06
All 3 Options	63,412	4.12%	2,302.56
Grand Total	482,027	31%	16,238.04

Notes on Table 5

The data in table 5 represents all loans (regardless of the current loan status) that have used at least one PAYG option at some point and the full range of options they have used. This is regardless of whether or not a particular PAYG option is still active.

There is no double counting in any of the figures in table 5.

To illustrate, row one ‘10 Year Extension’ presents loan facilities which are not included in rows 4 and 5, where 10 Year Extension is presented with another PAYG option, or in row 7 which presents all 3 PAYG options.

Coronavirus Business Interruption Loan Scheme (CBILS)

All data and the accompanying narrative in this section refers only to CBILS.

Table 6: CBILS Summary Facility Status

Furthest life event reached	Number of facilities	% number of facilities	Outstanding balance (£m)	Final amount (£m)
On Schedule	67,572	69.07%	12,416.25	-
Arrears	1,531	1.56%	499.73	-
Defaulted	1,310	1.34%	229.82	-
Claimed	1,014	1.04%	142.19	-
Settled	1,826	1.87%	-	252.17
Fully Repaid	24,584	25.13%	-	7,149.34
Grand Total	97,837	100%	13,287.98	7,401.50

Suspected Fraud (CBILS)

A total of 151 CBILS loans, which equates to 0.15%, and with an aggregate drawn value of £34.18m have been identified by lenders as ‘suspected fraud’. Lenders continue to review cases, so this figure is subject to change. This relies on lenders’ business as usual thresholds for fraud reporting – i.e., the lender has derived sufficient grounds to suspect fraud, which is then reported via the Bank’s portal. A “suspected fraud” will not necessarily equate to actual fraud in the scheme and the marking of a loan as “suspected fraud” within the scheme portal does not necessarily mean that there has been any proven wrongdoing on the part of the borrower.

Lenders are not law enforcement agencies or investigatory organisations. Ultimately it is for law enforcement and the courts to determine if fraud has been committed. The statistics presented are only an indicator of the level of suspected fraud which has been identified within the scheme at a given point in time.

Table 7: All CBILS: Lender breakdown of facilities drawn and settled

Lender name	Drawn amount (£m)	Drawn volume	Settled amount (£m)**	Settled volume
ABN AMRO Asset Based Finance N.V.	25.39	52	0.21	1
AFP Assets Limited	19.79	35	-	-
AIB Group (UK) Plc*	160.00	219	0.46	2
Aldermore Bank Plc	156.17	954	0.24	4
Allica Bank Limited*	33.26	90	-	-
Arbuthnot Latham & Co Ltd	69.08	64	-	-
Arkle Finance Ltd	19.02	181	0.45	10
ART SHARE Limited	3.04	39	0.58	8
Askif Funding (Series 2019-1) Limited	5.31	77	0.29	8
Aspen Bridging Limited	37.55	24	-	-
Assetz Capital Lending Limited	333.33	187	-	-
Atom Bank plc	236.99	347	-	-
Bank Leumi (UK) plc	17.56	17	-	-
Bank of India	0.23	1	-	-
Bank of Ireland (UK) Plc	119.55	255	0.06	1
Bank of Scotland plc	382.47	1,305	1.81	9
Barclays Bank Plc	2,452.28	9,201	0.64	8
BCRS Business Loans Ltd	9.06	91	0.30	4
Brydg Capital Ltd	41.39	16	-	-
Business Enterprise Fund	10.97	173	0.99	25
Business Lending Group	141.39	62	-	-
CAF Bank Limited	0.70	3	-	-
Capitalise Business Support Ltd	3.40	31	0.08	2
Close Brothers Ltd	1,169.08	6,039	15.17	143
Clydesdale Bank Plc	501.29	1,315	6.58	36
Compass Business Finance	30.46	300	0.61	11
Conister Finance & Leasing Ltd	27.15	111	0.37	2
Co-operative Bank Plc, The	93.63	291	-	-
County Asset Finance Limited	0.39	1	-	-
Coventry & Warwickshire Reinvestment Trust Ltd	7.57	49	0.12	2
Cyan Finance	16.04	44	-	-
Cynergy Bank Ltd	310.20	152	-	-
Danske Bank	233.89	608	1.56	8
Ebury Partners UK Ltd	21.95	54	0.39	1
Edinburgh Alternative Finance Limited T/A Lending Crowd	6.71	41	0.64	5
Enra - Aura Finance Limited	24.41	11	-	-
Enra - West One Development Finance Limited	6.99	3	-	-
Enterprise Answers	1.56	13	-	-
Enterprise Loans East Midlands	2.85	41	0.15	3
EVBL (General Partner NPIF Y&H Debt) Limited	21.37	87	0.14	1
FCG Finance Ltd (t/a Invocap)	16.78	29	-	-
Fiduciam Nominees Limited	166.71	89	-	-
Finance for Enterprise	15.06	135	0.56	6
FSE GLIF LD LP	2.75	5	-	-
FSE GLIF SD LP	7.92	26	-	-
FSE MEIF LP	7.38	24	-	-
Funding 365 Capital Ltd	40.75	41	-	-
Funding Circle	2,991.15	17,254	87.93	706
GC Business Finance	2.01	16	-	-
Genesis Asset Finance Ltd	1.26	32	-	-
Greensill Capital	20.00	4	-	-
Growth Finance Fund LP (WhiteRock Capital Partners LLP)	14.50	18	-	-
Growth Lending Group Ltd	258.06	106	0.69	1
Hampshire Trust Bank Plc	60.01	42	-	-
Handelsbanken PLC	67.16	171	0.09	1
Haydock Finance	234.62	1,233	2.31	32
HSBC UK Bank Plc	3,255.08	11,581	13.79	78
Independent Growth Finance Ltd	28.65	66	0.79	1
InterBay Asset Finance Limited	48.67	327	-	-
Investec Bank PLC	162.37	863	0.87	13
Iwoca Limited	373.46	1,362	13.61	82
JCB Finance	59.99	1,313	-	-
Kennet Equipment Leasing Limited	2.78	56	-	-
Kingsway Finance group	11.30	99	0.29	4
Kriya Finance (Formerly MarketFinance)***	266.03	1,239	3.50	35
KSEYE Capital Holdings Ltd	25.58	21	-	-
LendInvest Bridge Limited	45.93	40	-	-
Lendnet LLP	147.04	86	8.60	10
Liberis	3.47	32	0.20	3
Lloyds Bank Plc	2,331.40	9,406	7.22	35
MEIF - ESEM SBL LP	3.72	37	0.27	4
MEIF - Maven East and South East Midlands	12.41	29	-	-
MEIF - Maven West Midlands	6.68	15	-	-
MEIF - WM SBL LP	7.35	74	0.29	4
Merchant Money Ltd	38.89	182	0.56	8
Metro Bank PLC	193.56	384	1.24	8
MSIF	3.37	19	0.45	3
NatWest Group plc	4,511.11	16,600	27.73	127
NE Growth (ERDF) General Partner Ltd	3.95	17	-	-
New Wave Capital Limited	1.47	16	-	-
Newable Business Loans Ltd	0.38	5	-	-
North East (ERDF) Small Loan Fund Limited	0.15	2	-	-
North West Loans NPIF GP Limited	33.08	99	-	-
Novuna	218.29	1,350	1.40	19
NPIF - NW MF LP	3.66	49	0.17	3
NPIF - YHTV MF LP	4.77	78	0.35	9
Nucleus Cashflow Finance Ltd	197.70	1,093	21.60	160
OakNorth Bank plc	569.72	256	-	-
Ortus Secured Finance	22.83	17	-	-
Paragon Bank PLC	65.83	312	2.13	13
Pluto Finance	37.29	9	-	-
Pulse Cashflow Finance (MK) Ltd	0.04	1	-	-
RM Funds	32.28	10	-	-
Robert Owen Community Bank Fund	0.05	4	0.00	2
Santander UK	979.54	4,036	1.26	21
Scania Finance Great Britain Limited	76.06	377	-	-
Secure Trust Bank plc	41.06	27	-	-
Shawbrook Bank Limited	50.34	55	0.44	1
Shire Leasing plc	23.62	161	0.79	8
Silicon Valley Bank UK Ltd	21.20	10	-	-
Simply Asset Finance Operations	83.62	500	0.58	5
Skipton Business Finance Ltd	6.58	76	0.07	2
Social Investment Business Foundation	23.90	77	-	-
Starling Bank Ltd	19.61	119	0.20	1
SWIG Finance	4.75	46	-	-
The Governor and Company of the Bank of Ireland	10.35	5	-	-
ThinCats Ltd	333.29	274	6.38	9
Time Finance plc	11.87	104	0.68	9
Tower Leasing Ltd	4.59	87	-	-
Triodos Bank UK Ltd	42.43	41	-	-
TSB Bank PLC	3.15	119	0.15	1
TVC Loans NPIF GP Limited	15.19	49	-	-
UK Steel Enterprise Ltd	1.52	13	0.39	3
Ulster Community Investment Trust	2.51	16	-	-
Ultimate Finance Limited	66.78	132	0.08	1
United Trust Bank Limited	247.01	197	-	-
Western Union International Bank	0.25	1	-	-
White Oak UK	396	2,337	13	104
Woodsford Tradebridge	7	20	-	-
Total	25,862.24	97,837	252.17	1,826

*As part of an acquisition by Allica of a £0.5bn SME lending portfolio from AIB, and with specific approval from BBB and HMG, Allica has acquired part of AIB’s BBLS and CBILS lending. The transfer of scheme loans between AIB and Allica took place within the Scheme portal in August 2022.

**Settled - once the guarantee claim is processed and payment is released, the facility is marked as settled on the Scheme portal. Some lenders may be more advanced than others in their claims and recoveries processes which could lead to figures being distorted. Lenders may submit guarantee claims quarterly in line with the terms of the guarantee. The CBILS and CLBILS guarantees are for 80% of the losses a lender suffers on a loan, compared to the 100% guarantee for BBLS.

***Market Finance has changed name since the last publication, and now appears as Kriya Finance.

Coronavirus Large Business Interruption Loan Scheme (CLBILS)

All data and the accompanying narrative in this section refers only to CLBILS.

Table 8: CLBILS Summary Facility Status

Furthest life event reached	Number of facilities	% number of facilities	Outstanding balance (£m)	Final amount (£m)
On Schedule	396	54.92%	1,583.95	-
Arrears	1	0.14%	1.88	-
Defaulted	4	0.55%	11.98	-
Claimed	0	0.00%	-	-
Settled	4	0.55%	-	6.92
Fully Repaid	316	43.83%	-	2,247.86
Grand Total	721	100%	1,597.80	2,254.78

Suspected Fraud (CLBILS)

There has been no suspected fraud identified by lenders for CLBILS loans. Lenders continue to review cases, so this figure is subject to change.

Table 9: All CLBILS: Lender breakdown of facilities drawn and settled

Lender name	Drawn amount (£m)	Drawn volume	Settled amount (£m) *	Settled volume
AIB Group (UK) Plc	36.54	6	-	-
Banco Bilbao Vizcaya Argentaria, S. A	2.50	2	-	-
Bank of Ireland (UK) Plc	6.85	7	-	-
Bank of Scotland plc	59.05	8	-	-
Barclays Bank Plc	625.71	111	-	-
Close Brothers Ltd	34.20	7	-	-
Clydesdale Bank Plc	35.73	9	-	-
Danske Bank	5.53	4	-	-
HSBC UK Bank Plc	1,064.21	180	-	-
Investec Bank PLC	44.50	7	-	-
Lloyds Bank Plc	580.00	50	-	-
Metro Bank PLC	59.50	5	-	-
NatWest Group plc	1,441.18	244	-	-
OakNorth Bank plc	50.12	5	-	-
Royal Bank of Canada	3.75	1	-	-
Santander UK	482.21	62	-	-
Secure Trust Bank plc	16.50	6	-	-
ThinCats Ltd	11.13	7	6.92	4
Total	4,559.21	721	6.92	4

* Settled - once the guarantee claim is processed and payment is released, the facility is marked as settled on the Scheme portal. Some lenders may be more advanced than others in their claims and recoveries processes which could lead to figures being distorted. Lenders may submit guarantee claims quarterly in line with the terms of the guarantee. The CBILS and CLBILS guarantees are for 80% of the losses a lender suffers on a loan, compared to the 100% guarantee for BBLS.

Definitions

Definitions of values

• The value for ‘Claimed’ is the amount claimed under the guarantee
• The value for ‘Settled’ is the amount paid out under the guarantee
• The value for ‘Fully Repaid’ is the full loan amount
• The value for all other life events is the outstanding balance

• Arrears – loans with missed repayments are deemed to be in arrears. Loans are tracked in 30, 60 and 90 day cohorts by lenders to manage risk. Lenders report monthly arrears updates through the Scheme Portal on a “best endeavours” basis. Some lenders submit arrears via the automated (API) functionality in the Scheme portal, but it is not possible for smaller lenders to integrate with this functionality so arrears are entered manually. Loans in arrears that have moved to a later life-cycle stage (such as Defaulted) will be reported in the later life-cycle stage but may still carry arrears. The value of arrears on tables 1, 2, 5, 7 and 9 represents the latest outstanding balance, and the graph at table 3, represents the volume (number) of loans with arrears. At the time of this event occurring, this is an actual balance, and not estimated.

• Claimed – the Lender has submitted a claim under the guarantee. Loans sit in the claimed status while the British Business Bank awaits/processes the invoice for the claim and runs relevant checks. Under the terms of the guarantee the claim must be paid within 30 days of receipt of the claims invoice. The value on tables 1, 2, 4, 6 & 8 is the amount claimed under the guarantee. The graph at figure 1 represents the volume (number) of BBLS loans that have been claimed.

• Claimed value (reason fraud) - Lenders give a reason for a claim being made when they submit a claim on the guarantee. Currently, there are only two reasons a lender can provide for submitting a claim - either credit loss or fraud. This is separate to the process of marking a loan as suspected fraud and lenders cannot change the reason for a claim being made once the claim is settled. This value is the amount claimed under the BBLS guarantee agreement for all loans that have had a claim made where the claim reason is fraud, including, for example, those that have been settled.

• 80% of the drawn value for CBILS and CLBILS is guaranteed, compared to 100% of the drawn value of BBLS (in each case minus any payments and recoveries made in respect of the loan). The guarantee covers interest for BBLS, CLBILS and for the revolving credit and invoice finance variants of CBILS.

• Defaulted – loans where the lender has issued a formal demand to the borrower. The values set out in tables 1, 2, 4, 6 & 8 under this header represent the latest outstanding balance. The graph at figure 1 represents the volume, (number) of BBLS loans in a defaulted state. At the time of this occurring, this is an actual balance, and not estimated.

• Drawn value – the total loan amount for loans which have been drawn down by the borrower – (lenders have deposited this amount into borrowers’ accounts).

• Fully repaid – the loan is considered closed as there is no further outstanding balance on the loan (the borrower has repaid the full amount).

• On schedule - the loan is being paid as expected, including loans for which repayment is not yet due. The government paid a Business Interruption Payment (BIP) to cover the first 12 months of interest due on a BBLS loan. For BBLS, monthly principal repayments were not due to commence until the end of the 12-month period. The values in tables 1, 2, 4, 6 & 8 represent the latest outstanding balance (amount still due to be paid by the borrower). The accompanying graph at figure 1 represents the volume (number) of BBLS loans that are on schedule as of the 31 December 2022.

• The Government also paid a BIP for CBILS which covered the first 12 months of interest and upfront fees on the facility. There were no features similar to BBLS in CBILS and CLBILS in relation to 12-month payment holidays for monthly principal payments.

• Outstanding balance – when used to describe on schedule is a projected figure based on the amortisation profile of individual loans. It uses existing data points to identify the remaining loan value but is limited due to some lender data not being available

• % of drawn value – a lender’s total drawn value as a percentage of total drawn value in the scheme

• Scheme portal – the database hosted by the Bank as part of its role in administering the schemes. It is used by all accredited scheme lenders to report on guaranteed loans and make claims under the guarantee agreement. The reporting requirements have evolved over time. The portal is updated at various points in a loan lifecycle as reported by lenders.

• Settled - settlement has been made following a lender making a claim. Once the guarantee claim is processed and payment is released, the loan is marked as settled on the Scheme portal. The values in tables 1, 2, 4, 6 & 8 represent the amount paid out by each scheme (BBLS, CBILS and CLBILS), and again, the graph at figure 1 shows the volume (number) of BBLS loans that have been settled.

• Suspected fraud value - value of drawn loans which are currently marked as Suspected Fraud by lenders. This flag can be added or removed by lenders at any point, and only the latest position can be provided. Suspected fraud is a subset of the drawn amount.

Limitations and further considerations

The following should be considered in relation to the data:

• Data is as of 31 December 2022, and extracted on the 17th of January, from the information continuously submitted to the Scheme portal by accredited scheme lenders. The Scheme portal is used by the British Business Bank and lenders to administer all schemes included in this publication. The accuracy of the data in the Scheme portal is dependent on lenders submitting accurate and timely data and the data is not real-time.
• The terms of and the timing of the BBLS, CBILS, and CLBILS was exceptional and may not be representative of the lenders’ risk appetites, their general loan credit quality, or their default experience on their business-as-usual lending.
• Given the size of the BBLS, CBILS and CLBILS, the large numbers of loans, and the speed at which they were offered and drawn down, data being collected remains fluid and subject to refining and correction over time.
• The timing and level of claims made under the guarantee will vary according to a lender’s business model and the characteristics of their customers (e.g., repayment options offered, age of businesses, whether BBLS, CBILS or CLBILS loans were offered to new customers or only the lender’s existing customers).
• The scale of the schemes means some lenders may be more advanced than others in operationalising their claims and recoveries processes which could lead to figures being distorted initially but this will stabilise over time.
• Lenders report arrears at different stages in a loan life cycle, what one lender may report as arrears another lender may not (for example some lenders will only report arrears at 90 days past due while others report arrears at 31 days past due), as such, comparisons should not be drawn from arrears data.
• The guarantee agreements do not prescribe when a lender should serve demand on a borrower, this means that some lenders’ defaults will appear higher than others, but this may be because of their approach to the timing (amongst other things) as opposed to an indication of borrower behaviour and/or any overall management issues of their book.
• The Government provides a guarantee of 80 per cent of losses a Lender suffers in respect of a guaranteed facility for CBILS and CLBILS. In BBLS, the Government provides a guarantee of 100 per cent. of the losses a lender suffers in respect of a loan.
• Claims on the guarantee may subsequently benefit from recovery receipts achieved at a later date (which are not reflected in the figures above), in which case the net cost to government would reduce. All borrowers remain liable to repay the debt after a claim has been made under the BBLS, CBILS and CLBILS guarantee agreements.
• Lenders may have responsibly fulfilled scheme requirements but still experience a high comparative level of borrower defaults given the lack of credit or affordability checks.
• The number of loans claimed, and value, is not necessarily related to the amount of fraud in a lender’s portfolio.
• All data excludes loans where a scheme guarantee has been removed and the facility is no longer covered by a scheme.

The Scheme portal is the system of record for all facilities delivered through the Covid-19 debt schemes (which includes BBLS, CBILS and CLBILS). Under the terms of the guarantee agreements, accredited lenders must submit facility level data into the portal on a periodic basis to allow British Business Bank to track the exposure of His Majesty’s Government (HMG) to the portfolio. Arrears data is provided on a “best endeavours” basis. The data in this publication has a cut-off date of 31 December 2022, unless otherwise stated.

The Bank periodically audits the lenders for compliance with the scheme guarantee agreements. The audit programme includes audits of lenders’ submissions to the Scheme portal. However, the Bank does not verify the data in the Scheme portal against the data in the lender’s systems (the “source data”) on a real time basis. The accuracy of the reported data in this publication is therefore dependent on accredited scheme lenders reporting the source data they hold on their systems into the Scheme portal in a timely and accurate manner. The Bank and the Department for Business, Energy & Industrial Strategy can therefore make no warranties as to whether the source data has been reported accurately.

Any party choosing to rely on the data detailed in this release (or any part of it) does so at its own risk. To the fullest extent permitted by law, neither the British Business Bank nor the Department for Business, Energy & Industrial Strategy assumes any responsibility or liability to any other party in respect of this data.

The data presented here will be refreshed quarterly, with the next release anticipated in May 2023, which will include data as of 31 March 2023.

Note

Further information on BBLS, CBILS and CLBILS is available on the British Business Bank website

1. Most of these facilities will have changed category from ‘on schedule’ to ‘fully repaid’ ↩

2. Most of these facilities will have changed category from ‘on schedule’ to ‘fully repaid’ ↩

3. These facilities may have changed category from ‘on schedule’ to either ‘fully repaid’, ‘in arrears’, ‘in default’, ‘claimed’ or ‘settled’ ↩