BoE data shows Project Merlin on schedule to hit targets

Bank of England

The UK's five largest banks look set to fulfil their obligations under Project Merlin, having lent more than half the amount in new credit to business during 2011, according to data published by the Bank of England on Wednesday.

The Bank of England's Trends in Lending report, shows UK banks – Barclays, HSBC, Lloyds Banking Group, RBS and Santander – lent £100.3 billion ($160 billion) to businesses out of the £190 billion ($303.4 billion) proposed by the end of the second quarter under the scheme

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