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The BBC News website contains a useful question and answer article on Project Merlin, which was agreed by major UK banks and the Coalition Government in February 2011.
The agreement arises from concern about the behaviour of major banks in the aftermath of the Credit Crunch of 2008/9. The crisis in banking resulted from reckless lending and investment by the banks. This recklessness, which was encouraged by bonuses awarded to investment bankers, endangered the very existence of the banks. ...
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