The number of banks and groups participating had increased to 30 by the end of October, up from 13 last month, the data showed.

Those banks had 1,325.6 billion pounds worth of lending to households and companies on their books by the end of June, which will provide the basis used to determine any increase in lending under the scheme.

Banks and building societies can borrow up to 5 percent of their stock of existing lending from the BoE under the scheme, plus any expansion of its lending during the period between the end of June and the end of 2013.

With the banks representing 80 percent of all lending at the end of June, the scheme could unlock therefore some 66 billion pounds in cheap funding for the banks.