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Dublin: 03.09.2010 10:49 AM
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Glenisk: Winning with organic food
Gerard Cleary of Glenisk, winners of the SFA National Small Business Awards 2010 talks about the growth of the Offaly-based company

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Leadership

UK presses banks to stump up cash for lending scheme

08.12.2009
The UK Government has asked UK and foreign banks to contribute millions of pounds to a fund a new scheme aimed at extending credit to hard-pressed UK firms.

According to reports, the UK Chancellor of the Exchequer Alistair Darling has asked the bosses of big US and European banks such as Goldman Sachs and UBS to stump up cash for the fund.

The Financial Times this morning quotes sources familiar with the discussions as saying that each of the banks have been asked to contribute some £25m-£35m each to fund the lending scheme for small UK firms.

The paper reports that UK-based banks HSBC, Barclays and Standard Chartered are under pressure to sign up for the scheme, while RBS has already pledged to pump £100m into the new fund.

Foreign lenders such as JP Morgan Chase, Credit Suisse, Morgan Stanley and BNP Paribas are also reportedly being tapped for cash.

Speculation is also growing that the UK will tomorrow announce new measures to introduce a windfall tax on bankers’ bonuses.          

It is believed such a super-tax on bankers’ bonuses could raise over £1bn for the UK Exchequer, without initially damaging the profits of banks.

However, fears are growing that such a tax would see a migration of top bankers and financial institutions to rival financial centres, which could then hit the City of London’s bottom line.

 

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