Banks and building societies drew down £4.4bn from a Bank of England (BoE) programme designed to boost lending in August and September.
In the first two months of the Funding for Lending Scheme (FLS), net lending by the banks involved rose by only £496m.
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Paul Fisher, executive director for markets at the Bank of England, has said of the FLS: "It is too early to use this data as a reliable indication of the impact of the FLS on lending volumes.
"Since the scheme was announced we have seen widespread falls in funding costs across different sources and an equally wide variety of lending rate reductions."
Fisher added: "I am confident that the FLS will help the supply of credit. The incentives in the scheme are for banks and building societies to cut lending rates and hence lend more to get the cheapest funding.
There are 35 groups participating in the scheme, which cover just over 80% of the stock of lending to the real economy.
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By GlobalDataEach FLS participant is able to borrow an amount up to 5% of its stock of loans to the UK non-financial sector as at 30 June 2012, plus any expansion of its lending from that date to the end of 2013.
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