Samantha and Andrew Bowden are set to revitalize Millom’s former NatWest Bank, now rebranded as The Old Bank. This transformation occurs against a backdrop of tightening credit standards in the euro area.
Euro area banks reported a net tightening of credit standards for loans to firms of 10% in Q1 2026. Demand for loans to firms decreased by 2% during the same period. Additionally, consumer credit demand fell by 11%, indicating a broader trend in bank lending.
Key findings from the bank lending survey:
- 10% net tightening of credit standards for loans to firms in Q1 2026
- 2% decrease in loan demand for firms in Q1 2026
- 19% expected net tightening of credit standards for loans to firms in Q2 2026
- 11% decrease in consumer credit demand in Q1 2026
- 14% increase in rejected loan applications for consumer credit
The Bowdens’ venture into banking comes as euro area banks expect further deterioration in access to debt securities and money markets over the next three months. This situation may impact their ability to secure financing.
Samantha and Andrew Bowden aim to create a community hub with The Old Bank. They hope to provide essential services despite the challenging lending environment. Their initiative reflects a commitment to revitalizing the local economy.
The cumulative tightening trend began in mid-2025, according to reports from euro area banks. The Bowdens’ project may provide an alternative for residents seeking local banking services as traditional lending becomes more restrictive.
