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Banking

House of Lords written question – answered on 20th July 2011.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government, further to the Written Answer by Lord Sassoon on 7 July (WA 89), what are the tools available to hold the banks to the published lending commitments they made under Project Merlin.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The Chancellor has made clear that the Government will use every tool available to hold the banks to the published lending commitments which they made. For example, the expectations, capacity and willingness relating to lending to small and medium-sized businesses will be given more weight in the performance metrics of the chief executives of each bank for 2011, as well as the leaders responsible for the relevant business areas, than the SME lending share of each bank's profits might otherwise imply.

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