{"id":428505,"date":"2011-05-23T09:13:30","date_gmt":"2011-05-23T09:13:30","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/23\/uk-banks-not-%e2%80%98meeting-lending-targets%e2%80%99\/"},"modified":"2011-05-23T09:13:30","modified_gmt":"2011-05-23T09:13:30","slug":"uk-banks-not-meeting-lending-targets","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/23\/uk-banks-not-meeting-lending-targets\/","title":{"rendered":"UK banks not \u2018meeting lending targets\u2019"},"content":{"rendered":"
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You Are Here: Home<\/a> \u00bb Africa\/International<\/a> \u00bb UK banks not \u2018meeting lending targets\u2019<\/p>\n

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Page last updated at Monday, May 23, 2011 9:09 AM \/\/ <\/span><\/div>\n

\"\"<\/a>The UK\u2019s top banks are facing further public outrage as the Bank of England reveals they are on course to miss crucial Project Merlin lending targets.<\/p>\n

Barclays, Royal Bank of Scotland, Lloyds Banking Group, HSBC and Santander UK agreed with the Government to increase lending to small and medium enterprises (SMEs) to \u00a376 billion this year.<\/p>\n

The banks also pledged to boost overall business lending to \u00a3190 billion.<\/p>\n

But it has been reported that the Bank, in its first quarterly lending data report, is expected to show the banking giants are falling around \u00a32 billion to \u00a33 billion short on the SME target of \u00a319 billion in the first three months of the year.<\/p>\n

The Project Merlin agreement, unveiled in February, followed protracted talks between the top five banks and the Treasury over key issues such as bonuses and lending.<\/p>\n

Some economists expect the banks will claim there is no demand for lending \u2013 not that they are unwilling to offer credit.<\/p>\n

The banks will say they only agreed to increase \u201clending capacity\u201d and there is nothing they can do in the absence of demand for new borrowing.<\/p>\n

But Vicky Redwood, economist at Capital Economics, said businesses claim they are not asking for the loans because they do not think they will get them.<\/p>\n

She said: \u201cThe agreement left unclear what action the Government might take if the banks failed to uphold their promises. In any case, the Government is unlikely to do anything yet. After all, the agreements were for 2011 as a whole and it is only fair to let the banks try to get back on track.\u201d<\/p>\n

A \u00a32.5 billion fund was launched by the Government and the UK\u2019s biggest banks to provide loans to small and medium-sized businesses across the UK which have struggled to raise cash since the financial crisis.<\/p>\n

Source: Press Association<\/p>\n\n

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