The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
An overdraft is a borrowing facility attached to your bank account, set at an agreed limit. It can be drawn on at any time and is most useful for day-to-day expenses. This is because it can help you to manage your cashflow more flexibly.
Overdrafts are most useful as a cashflow-management device, to help absorb unexpected expense or hitches in your supply chain. It is worth noting that loans are probably more appropriate for long-term funding or substantial purchases. An overdraft is likely to cost more than a loan for a long-term purchase.
An overdraft is a credit facility you agree with your bank. It allows you to temporarily spend more than you have in your account to cover short-term financing needs.
It should not be used as a long-term source of finance – if an overdraft is used persistently your bank may question whether you are in financial difficulty.
You’ll need to agree your overdraft limit with your bank. You’ll usually be charged interest on any money you use, and may also have to pay a fee.
The Financial Reporting Council (FRC) has been looking at how best to rationalise some of the audit guidelines in place by better integrating the guidance into the auditing standards themselves. Read More
Mike Conroy, BBA, Executive Director, Corporate and Commercial Banking said: “The first quarter of this year saw an upturn in applications for loans and overdrafts from SMEs, although volumes were Read More
Ian Jordan, Chair of the BBA’s Northern Ireland committee, said of the latest data: “The first quarter of the year saw an increased number of SME loan applications, leading to Read More