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FLA comment on Bank of England's Financial Stability Report PDF Print E-mail
Wednesday, 28 June 2017
Commenting on the publication of the Financial Stability Report by the Bank of England’s Financial Policy Committee, Adrian Dally, Head of Motor Finance at the Finance & Leasing Association, said:   “We welcome the Bank’s recognition that arrears rates on dealership car finance tend to be lower than for other forms of consumer credit because it is secured against the vehicle. As the Bank says, the recent growth in dealership motor finance reflects a recovery in new car registrations and a shift in how cars are purchased, away from ownership. So far in 2017, growth in this market has in any case moderated significantly compared with recent years.

“We note that the Bank’s hypothetical modelling of a fall in used car values going well beyond anything seen historically – even during the financial crisis – nonetheless shows a relatively modest impact on capital ratios. In fact, lenders providing car finance have long experience of modelling car prices during all sorts of financial conditions, and the risks are well-understood and well-managed.

“We continue to liaise closely with the PRA and the FCA on their ongoing work in the consumer credit markets.”
 
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