The central bank’s Funding for Lending (FFL) Scheme had attracted 30 banks and building societies, including Barclays, Lloyds Banking Group and RBS, by the end of October, according to official figures.

Under the scheme, which was announced in June, banks and building societies will be able to borrow up to 5% of their stock of existing lending to the real economy. With the participating banks accounting for a total of £1.3tr of lending, this means they could access £66bn through FFL.

In addition, for every £1 of net expansion in lending to the real economy they make during the period from June 2012 to December 2013, banks will be able to access £1 of low-rate funding.

For a period of 18 months from 1 August, when FFL opened for drawings, banks and building societies can borrow UK Treasury Bills from the Bank of England for up to four years. However, there has been some skepticism that banks will use FFL to offer lower interest rates to borrowers, as is intended.

Earlier this year Technoprint Leeds director Mark Snee told PrintWeek that he thought banks would instead "use this cheap new money to repair their balance sheets, rebuild their capital ratios and increase their profits".

In August, the government sidelined its flagship National Loan Guarantee Scheme (NLGS) in favour of FFL only five months after NLGS launched.