George Osborne, the U.K.’s Chancellor of the Exchequer, has unveiled details of Project Merlin, the new bonus and lending rules for banks. Among the terms, Royal Bank of Scotland, HSBC Holdings, Lloyds Banking Group and Santander have agreed to boost lending by 6% to £190 billion ($305.7 billion), up from £179 billion ($288 billion) last year. In addition, the volume of credit granted to business will be a factor in determining a ceo’s bonus, and beginning in 2012, all large banks in the U.K. will be required to publish the pay of board members and their eight highest-paid executives.
