could penalise individual banks'
We have heard a lot from bankers, but perhaps the most revealing comment at
Wednesday's business, innovation and skills select committee was made by Vince
Cable on the subject of bank lending, and what would happen if the Project
Merlin targets are missed. The business secretary, as expected, issued vague
threats about higher taxes. But then he added: "It is hard to imagine that we
could penalise individual banks."
Why? The Merlin agreement set a collective target for gross business lending
by the big five banks (?190bn in total and ?76bn to small and medium-sized
companies) but it was always possible that some would pull their weight and
some would not. So surely there ought to be a way to apply a whip to the
laggards. But there is not. Nor, it appears, has the government nailed down
the detail of the only sanction that was trumpeted by the chancellor at the
time of February's agreement ? a link between executive bonuses and lending
targets. Cable is only now writing to banks' remuneration committees to ask
how ...
Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/99282115?client_source=feed&format=rss
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