Britain's Information Watchdog Rejects Appeal to Name Lenders

The UK's information watchdog has denied a Reuters appeal to identify lenders who lost state guarantees on billions of pounds in COVID-19 loans, citing potential commercial harm. The British Business Bank refused to disclose names, arguing it may affect lender competition and relationships. Despite public interest, the Information Commissioner's Office upheld this decision.

The UK's information watchdog has turned down a Reuters appeal seeking to identify lenders who forfeited state guarantees on billions in COVID-19 relief loans, due to concerns over potential commercial harm. This information came to light via the Freedom of Information (FOI) request filed by Reuters.

The British Business Bank (BBB), responsible for managing the emergency lending schemes, refused to reveal the names of the banks that lost the taxpayer-backed guarantees, stating that such disclosure could damage its relationships with lenders and affect their competitiveness.

Despite the public's right to know, the Information Commissioner's Office (ICO) sided with the BBB, arguing that disclosing the names of the banks could have adverse effects on their ability to attract customers and compete with other financial institutions.

(With inputs from agencies.)