"It's a real commitment, a commitment to lend," Mr. Chittenden said.
The firm said it was on course to surpass its commitment to lend to householders as competitors have withdrawn from the market, allowing it to increase its share.
Genuity said Deutsche Bank refused to honor a commitment to lend it an additional $127 million, and that it had sued Deutsche Bank in Federal Court in Massachusetts.
The British plan would provide banks with funds below market rates in exchange for collateral and a commitment to lend to businesses, Mervyn King, the governor of the Bank of England, said in a speech.
New research published this week, from the International Monetary Fund and from Standard & Poor's underlines why that will be the case.The ECB's message was delivered through its commitment to lend to banks as much as €400 billion ($540 billion) later this year at a fixed rate of just 0.25% for loans stretching until September 2018.
The Treasury has already revealed some of the performance criteria for pay in the future, demanding links to the way the bank handles troubled loans in the APS and the bank's ability to meet its commitment to lend £25bn to businesses and mortgage holders.
As part of the reorganization plan for the company, which makes Oster blenders, Coleman camping equipment and Sunbeam household appliances, banks that made a combined commitment to lend $1.7 billion have agreed to provide another $285 million to let Sunbeam stay in business.
While the likes of Kohlberg Kravis are forcing big banks to uphold their commitment to lend money on deals like First Data at rates that will surely cause them losses, Kohlberg Kravis and others are exploring the prospect of buying some of that debt from the banks at discounted rates.
It leverages a private sector commitment to lend, invest and provide financial services, so the law doesn't cost taxpayers.
