Ian Mullen, chief executive of the BBA, said: "The trend in overall Major British Banking Group (MBBG) lending slowed in the final quarter of the year, though not on the personal front. Total lending to individuals rose consistently through the second half of the year, though towards the year-end, mortgage demand moderated slightly and consumer credit picked up. Given the strong value of retail sales in November and December, and the continued low cost of carrying debt, it was not surprising to see consumer credit strengthen, but personal deposits were also weak, suggesting that the sector was actively using both sides of its balance sheet."
