Brussels, 24/01/2002 (Agence Europe) - The European Investment Bank (EIB) and the Bank of Scotland have agreed to provided funding of EUR 240 million to enhance urban regeneration by supporting upgrades and development of social housing in the UK. Funding will be made available in the forms of loans to Registered Social Landlords (RSL) through the Bank of Scotland Housing Finance Team. An emphasis will be given to investment to upgrade housing stock that has been transferred from local authority ownership to specially created RSLs. About 25% of housing in the United Kingdom is owned and rented out by local authorities and RSLs. The Bank of Scotland is a wholly owned subsidiary of HBOS, the banking group formed through the merger of the Bank of Scotland and the Halifax Group.