Tag: project merlin

Cost-cutting boosts Barclays profits

Cost-cutting boosts Barclays profits

In an interim management statement today, banking giant Barclays said profits climbed 5% in the third quarter – boosted by cost-cutting measures. For the three months to the end of September, the bank said pre-tax profits were £1.34 billion, versus £1.27 billion for the same period a year earlier. However, revenues for the three month [...]

October 31, 2011 | 0 Comments More
UK banks on track to meet Project Merlin targets

UK banks on track to meet Project Merlin targets

Provisional figures released today have revealed that the UK’s five biggest banks are on track to meet their lending targets under the Project Merlin deal. Under the agreement, Project Merlin, Barclays, Royal Bank of Scotland, Lloyds, HSBC and Santander all committed to lend £190 billion to all businesses this year. Of this figure, around £76 [...]

August 5, 2011 | 0 Comments More
RBS H1 profits hit by Greek crisis and PPI costs

RBS H1 profits hit by Greek crisis and PPI costs

The Royal Bank of Scotland (RBS) has today unveiled a loss of £1.4 billion for the six months to the end of June. The bank, which is 84% owned by the taxpayer, said its exposure to the Greek debt crisis and costs relating to the mis-selling of Payment Protection Insurance (PPI) pushed it into a [...]

Lloyds Banking Group profits lower on PPI costs

Lloyds Banking Group profits lower on PPI costs

Banking giant Lloyds Banking Group has today said its first half profits were hit by costs relating to its mis-selling of payment protection insurance (PPI). The controversial insurance has been a hot topic for some time now and the Financial Services Authority (FSA) introduced a review of the insurance after millions of policies were mis-sold [...]

August 4, 2011 | 0 Comments More
Study reveals SMEs are getting credit

Study reveals SMEs are getting credit

A report has revealed that the majority of small and medium-sized enterprises (SMEs) are successful when applying for credit. According to the study, more than half (59%) of applicants were successful when applying for a loan, while 72% who applied for an overdraft were successful. The figures come from the latest SME Finance Monitor report [...]

July 11, 2011 | 0 Comments More
UK banks introduce mentoring scheme for SMEs

UK banks introduce mentoring scheme for SMEs

The UK’s five largest banks: Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Santander, have launched a scheme aimed at providing support and financial advice for small and medium-sized enterprises (SMEs). The initiative comes at a time when banks have come under fire for not lending enough to SMEs. Under the Project Merlin [...]

July 4, 2011 | 0 Comments More
Vince Cable applies pressure to banks over lending commitments

Vince Cable applies pressure to banks over lending commitments

Speaking to the Treasury Select Committee today, Business Secretary Vince Cable has warned banks over lending, threatening higher taxes. The business secretary told MPs that the amount of lending to small and medium-sized enterprises (SMEs) was a “serious problem” and has reminded banks of their targets, set out in the Project Merlin agreement. Under the [...]

June 8, 2011 | 0 Comments More
Big five banks miss SME lending target

Big five banks miss SME lending target

Figures published by the Bank of England today have revealed that the “big five” banks loaned £16.8 billion to SMEs in the first quarter – around £2 billion short of the £19 billion target – agreed under the “Project Merlin”. Under the agreement, Project Merlin, Barclays, Royal Bank of Scotland, Lloyds, HSBC and Santander all [...]

May 23, 2011 | 0 Comments More
RBS discloses pay details for 323 key staff

RBS discloses pay details for 323 key staff

Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has disclosed details of the amount of money it paid to its key staff in 2010. The bank said its 323 key staff were paid a total of £375 million last year - after already divulging its chief executive, Stephen Hester, received a [...]

March 18, 2011 | 0 Comments More
Barclays annual profits beat expectations

Barclays annual profits beat expectations

British banking giant Barclays has today kicked off the reporting season by announcing better profits than analysts had forecast. The bank posted pre-tax profits of £6.07 billion for the 2010 year - a rise of 32% compared with £4.59 billion in the previous year. Meanwhile, the bank said it lent over £43 billion to UK [...]

February 15, 2011 | 0 Comments More
Banks pledge to lend £190bn this year

Banks pledge to lend £190bn this year

After weeks of tense negotiations, Britain’s largest banks have agreed to lending targets and pay restraints. Chancellor George Osborne today announced that under the so-called Project Merlin, banks will lend around £190 billion to businesses this year - including £76 billion to SMEs. Last year, banks loaned £179 billion to businesses. The four financial institutions [...]

February 9, 2011 | 0 Comments More
Banks agree to lending targets and pay restraints

Banks agree to lending targets and pay restraints

Chancellor George Osborne is today expected to announce that a deal has been reached between the Government and the banks with regard to lending targets and restraints on pay. The report comes a day after Mr Osborne confirmed he is maintaining the levy on banks, raising an additional £800 million this year and £2.5 billion [...]