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21 Sep 2012 (15:05:36)
I wonder how many SME ownres didn't even bother asking having been turned down before. The analysis of Project Merlin that I read had very little new money coming into the accounts of the SMEs. By the time repayments and renewals had been taken into account there was very little by way of expanded lending. More political spin. Project Merlin was, in this article, recognised as being as illusory as Gandalf. I'd like to believe that the banks are lending but they just can't be they don't have the capacity to do so while re-building their balance sheets, providing for sovereign debt write-offs, and upgrading their core ratios to meet the ECB directives following the most recent stress tests.