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Credit card charges: Barclays rejects lending plan

A leading Barclays' executive has rejected proposals to encourage banks to increase lending to smaller firms.

The coalition government has introduced lending targets to part-nationalised firms Lloyds Banking Group and Royal Bank of Scotland but there are plans to extend this to all financial institutions

Steve Cooper, head of Barclays' small business division, claimed the targets could result in banks simply approving loans to meet targets rather than judging them on merit.

He told the Financial Times: "I'm not going to sign up to a target. I don't want to create an expectation that if Barclays said no yesterday it could say yes tomorrow [because it has a target to achieve]."

The government wants banks to use their profits to increase the flow of credit instead of awarding large remuneration packages.

UK banks claim the problem is not the supply of credit but the demand. HSBC also rejected the proposals earlier this month.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800025402-ADNFCR



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