Time running out for Merlin

first_img whatsapp Show Comments ▼ KCS-content More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com whatsapp Share Sunday 6 February 2011 10:19 pm Tags: NULL THE Treasury is anxious to get banks to agree to an industry-wide lending commitment under “Project Merlin” before earnings season starts.But time is running out for the initiative to improve the industry’s image. Barclays will kick off the major UK banks’ full-year results season next Tuesday, with its new chief executive Bob Diamond expected to receive an all-shares bonus to a value of £10m.The government is keen to include some provisions on bank bonuses in the Merlin plan, although energy secretary Chris Huhne sounded an unexpectedly conciliatory note on bonuses yesterday. He said: “I am not against, whether they’re footballers or bankers, people who have particularly high skills and talents being paid whatever you can get in the marketplace.”Instead, Huhne said the government would ensure that part of any bonus award was paid in shares, although this is in fact European legislation that has been in effect since 1 January. Aside from the bonus issue, the centrepiece of the agreement will be a promise by banks to increase lending, with a variable target to be tied to GDP growth plus inflation. Such a target would fall far short of the 10 per cent the Treasury wanted originally. Project Merlin has been beset by problems, with banks having to negotiate through Pricewaterhouse-Coopers to avoid sharing sensitive data. Time running out for Merlin last_img read more