basis, names and details of participants in each such facility ; amounts borrowed and interest rate charged ; and overall costs, revenues, and fees for each facility. we embrace our responsibility to the american people to be as transparent as possible, and we appreciate that the need for transparency is heightened when we are called upon to use our emergency powers. we recognize that our actions are only part of a broader public - sector response. congress ’ s passage of the cares act was critical in enabling the federal reserve and the treasury department to establish many of the lending programs. the cares act and other legislation provide direct help to people, businesses, and communities. this direct support can make a critical difference not just in helping families and businesses in a time of need, but also in limiting long - lasting damage to our economy. i want to end by acknowledging the tragic events that have again put a spotlight on the pain of racial injustice in this country. the federal reserve serves the entire nation. we operate in, and are part of, many of the communities across the country where americans are grappling with and expressing themselves on issues of racial equality. i speak for my colleagues throughout the federal reserve system when i say, there is no place at the federal reserve for racism and there should be no place for it in our society. everyone deserves the opportunity to participate fully in our society and in our economy. we understand that the work of the federal reserve touches communities, families, and businesses across the country. everything we do is in service to our public mission. we are committed to using our full range of tools to support the economy and to help assure that the recovery from this difficult period will be as robust as possible. thank you. i am happy to take your questions. 3 / 3 bis central bankers'speeches

numbers. and, the pra board is taking a view on whether for each firm it agrees with the quantum of capital implied by the fpc ’ s figure, and the timing of action it requires from banks. this is entirely consistent with the “ comply or explain ” nature of fpc recommendations to the pra. we have not released bank by bank numbers because as a prudential supervisor we want to spend time discussing with each bank our judgement on the need for capital, and their judgement on the actions they can take. i make no apology for doing this quietly. i am much more interested in the outcomes that the running commentary. within the past two weeks, you will have read that rbs and lloyds now have plans to make good their capital shortfall without raising new equity. some commentators have written that this means rbs and lloyds have been let off the hook. i have to tell you that is not true, it was always envisaged that both banks would achieve their capital enhancements by bis central bankers ’ speeches restructuring their balance sheets without reducing their lending to the uk economy. moreover, both of those institutions have come a long way from their original business plans, and are consequently much safer thanks to fsa and now pra pressure. these banks have agreed to do what we have asked and we will hold them to that. this is a regulator ’ s promise. as we near the end of a timely but not rushed process, we will be communicating in the next few weeks the headline results of this work. finally, there is also comment that nobody has yet raised new equity capital, or announced an intention to do so. true, but that is not the only way to increase capital relative to assets. what has not gone unnoticed is the reasonably steady stream of disposals by uk banks, both of businesses and assets. at the end of last week, for instance, the last elements of one of the more infamous assets of the crisis, the so - called hbos alt - a us mortgage assets were sold. we are happy to see these disposals happen. i mentioned earlier the steps taken last summer at the time of the introduction of the fls. the evidence on credit creation in the uk economy is however mixed. funding costs for banks have fallen, which i think is a necessary pre - condition of stronger lending. net lending in the uk was broadly flat in the second half of last year up modestly in the remainder of this year. this compares with