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1st Feb 2010
Building societies see 15% rise in gross lending
Gross lending by building societies rose by 15% in December to £1.8bn, figures from the Building Societies Association show.
But for 2009 as a whole gross lending was half the levels seen in 2008, going from £37.5bn in 2008 to £18.6bn last year.
Net lending by building societies in December fell to -£283m from a positive £273m at the same time in 2008.
Approvals in December rose to £1.04bn from £901m a year earlier.
Deposits held at building societies increased by £15m in December.
Excluding interest credited to accounts, building societies had a net withdrawal of £400m in December.
Total balances at building societies reduced by £1bn in 2009 compared to an increase of £19bn in 2008.
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