UK banks miss 'Project Merlin' lending targets

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The Bank of England released data today (February 13) showing net lending fell by £9.6 billion ($15.1 billion) in 2011.

Back in February 2011, five major UK banks stated a capacity and willingness to lend £190 billion of new credit to business in 2011, with £76 billion allocated to small and medium-sized enterprises (SMEs).

The results show Barclays, HSBC, LBG, RBS and Santander missed the target for SME loans by £1.1 billion.

Click here to see the results.

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