A lot can happen in 10 minutes of banking says BBA

01 August 2008 / by Rachael Stiles
Research from the British Bankers Association (BBA) has shown that 10 minutes is a very long time in the world of banking – every 10 minutes 40,000 people access online banking, and 46,000 people use cash machines.

The BBA's 25th annual Abstract Banking Statistics, published today, shows banking activity, figures in the banks' assets, lending volumes, mortgages, current accounts and plastic cards.

Every 10 minutes in every day of the year, 33,000 purchases are made using credit cards, credit clearing systems process 23,000 cheques, 105,000 automated payments and 132,000 plastic card payments.

"Since the launch of ‘plastic’ in the 1970’s, the vast range of credit and debit cards on offer, from a wide range of issuers, demonstrates their acceptance by customers, retailers and service providers alike." the report said.

In the same time, banks earn £226,000 for the UK's balance of payments and pay £170,000 to the Exchequer through taxes.

The assets of all banks in the UK total £6,963billion – 11 per cent more than this time last year and 83 per cent more than five years ago. Deposits in sterling account for almost half of the banking sector's deposit base.

The report showed that more than 9.7million mortgages are currently held with high street banks, two thirds of which operate on a variable interest rate basis.

The annual volume of mortgages approved for house purchase declines by 17 per cent, but there was a 10 per cent increase in the average property value as house prices continued to rise.

Consumer credit growth slowed last year to £12.6billion, within which cardholders borrowed more on credit cards than the previous year, rising by £2.3billion as consumers use plastic to make ends meet amid the rising cost of living.

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