Santander pulls out of Merlin deal

first_img whatsapp Read This Next’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe WrapHow HGTV’s ‘Renovation Island’ Changed Bryan and Sarah Baeumler’sThe Wrap’Bridgerton’ Stars Phoebe Dynevor and Nicola Coughlan on Daphne andThe WrapBest Wine Gifts & Wine Accessories at Every PriceGayot’Hitman’s Bodyguard’s Wife’ Earns $17 Million 5-Day Opening as Box OfficeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The WrapEverything We Know, or Think We Know, About the Time-Keepers on ‘Loki’The Wrap’The Crown’: What Went Into Finding Princess Diana and Margaret ThatcherThe Wrap KCS-content Santander pulls out of Merlin deal Thursday 13 January 2011 9:08 pm SANTANDER UK last night pulled out of collective banking industry talks with the government designed to secure specific lending targets, instead entering into direct negotiations with the Treasury. The industry initiative, known as “Project Merlin”, centres around a truce whereby banks will commit to lend more to small and medium-sized businesses in return for no further crackdown on bonuses from the Treasury.But Santander UK, which is predominantly a retail bank, has little to gain from cutting a deal on bonuses, since it does not award huge pay-outs to its UK-based executives.In a blow to Prime Minister David Cameron’s plans for a “big society bank”, funded from unclaimed bank assets but topped up with a planned £1bn contribution from each bank in the talks, Santander is now unlikely to make a direct contribution to its set up. “Santander favours direct investment programmes – such as our work with universities in the UK and around the world – rather than aggregated funds solutions,” said a source close to Santander. The bank’s withdrawal cuts the number of participants in the talks down to just four of Britain’s major banks: HSBC, Barclays and semi-nationalised banks RBS and Lloyds. HSBC’s full participation is also believed to be in doubt due to its main focus being outside the UK. Sharecenter_img whatsapp Tags: NULL Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldlast_img read more