LONDON. From our correspondent
credit to small and medium-sized enterprises in exchange for bonuses. The pact between the government English and the banking system (RBS, Lloyds, HSBC, Barclays and Santander in part) was signed yesterday with the commitment to increase lending to business and new rules on pay. The so-called Project Merlin provides, therefore, higher credit lines to the industrial share to more than 190 billion pounds, ten more than last year and offers a comprehensive series of posts in a row on the salaries and bonuses of bankers.
An agreement that allows the City to get out of a deal that essentially integrates seemed destined to hit the world of finance is far more than actually happened. The government, in fact, failed to impose radical cuts to the packages of senior managers, but only a reduction to below the levels of last year broke down when the share of 7 billion. The column total for 2010 will be approximately 6 billion and in the case of RBS and Lloyds - the two institutions controlled by the government - the cash portion will be equal to that of 2009: no more than a few thousand pounds. Stephen Hester, chief executive of Royal Bank still qualify for cash out of 2.04 million pounds, while the outgoing chief executive Eric Daniels of Lloyds 1.45 million. RBS confirmed that it had reduced from 1.3 billion to 950 million the treasure for the satisfaction of employees. Criticized a decision by Chancellor George Osborne. "As stated by Prime Minister bonuses for Royal Bank of Scotland and Lloyds this year are much lower than those last year. There will be no more, as in the past, the banks are able to give up on the remuneration of the credit to the entire industry. " Much higher than the "checks" the bankers of private institutions, with Bob Diamond, Barclays, suspected of being next to the collection of 9 million.
satisfaction with the deal closes - especially bankers - negotiations that the government aimed to raise the claim never took off after the 2008 crisis. Companies, especially small and medium ones, for months complained of the lack of willingness of banks to lend. The need for making budgets and the need to cope with new rules that the international banking system we have seen to impose, from time pushing the banks to cut credit. The Merlin project establishes that banks should grant this year ten billion more than last year and all firms whose average share of small loans grew by 15%, from 66 to 76 billion on the new total of 190 billion pounds. The Bank of England quarterly inspections will monitor the granting of credit. The Government managed to convey the principle that among the criteria for calculating the bonus must be added that of granting credit. In other words, in principle, banks are more generous with the business will largheggiare with its own management. George Osborne also went further by obtaining the commitment is binding, to publish the salaries of the top five highest paid managers who do not sit on the board of directors. A band that over the coming years will be extended to other executives, also on the board. But that does not extend anything, has been established, the top traders and investment bankers who always have the most astronomical salaries.
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