Diamond to meet Merlin lending target
Barclays is set to reveal that it has exceeded the lending targets agreed with the Government when it unveils its annual results on Friday.
The bank is expected to say that it made more than £14bn available for small businesses to borrow, plus more than £40bn in total for all businesses. The bank will also say that the key net lending figure, which takes into account repayments, is up despite the overall figure for 2012 showing a fall.
Chief executive Bob Diamond signed up to the target under a bilateral agreement with the Government in February 2011. Similar agreements to make credit available were signed by Lloyds, HSBC, Royal Bank of Scotland and Spain's Banco Santander under what became known as Project Merlin. Collectively the banks agreed to make £190bn available, of which £76bn was supposed to be targeted at small and medium sized enterprises.
Critics have expressed scepticism over the merits of Merlin because it only requires that banks offer the money. The deal takes no account of whether the loans put up for lending is offered on terms that are economical and which small businesses can realistically afford. And the Bank of England has expressed concerns about the net supply of credit to business falling. The Bank is due to publish Merlin lending data for the full year on 13 February.
Barclays is expected to unveil pre-tax profits of £5.5bn to £6bn when it releases its final results. But that is likely to be overshadowed by the debate over the bonuses of top executives, with Mr Diamond potentially in line for a payout of more than £10m.
- 1 Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
- 2 Cyclist in Russia narrowly misses being hit by car and lorry
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 What are your fingerprint words?
- 5 Gary Lineker involved in Twitter row after presenter rubbishes claims he will be warned by BBC over foul-mouthed tweets
Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
Jennifer Lawrence: Leaked 4Chan sex video branded 'fake' by users
Jennifer Lawrence 'naked sex video' will be leaked next, threatens 4Chan celebrity photo hacker
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£65000 Per Annum Benefits + bonus: Clearwater People Solutions Ltd: If you are...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...