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Topics News & Markets

UK banks miss 2011 target for lending to smaller firms but beat goal for total business loans

By The Associated Press | February 13, 2012

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LONDON - The Bank of England says that the U.K.'s five largest banks fell short of their target for lending to small and medium-sized businesses last year, but exceeded their goal for total business lending.

Smaller businesses in the U.K. have complained repeatedly that they were being starved of capital.

Monday's data showed that the five banks fell about 1 billion pounds ($1.6 billion) below their 76 billion pounds target for smaller businesses.

However, they overshot their Project Merlin target for gross business lending by about 25 billion pounds with a total of 215 billion pounds.

Barclays PLC, the first of the five banks to report annual earnings, said on Friday that it exceeded both targets with grossing lending to business of 43.6 billion pounds and 14.7 billion pounds to small and medium-sized enterprises.

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