In fact, virtually none of these financially prudent, project-lending techniques were incorporated into the Caterpillar deal.

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So the so-called Project Merlin lending figures, due to be published next month, will be scrutinised, to see whether Barclays, HSBC, Lloyds, Royal Bank of Scotland and Santander have lent to business what they promised the Treasury they would lend.

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Two government-backed schemes, Project Merlin and Funding for Lending (FLS) have apparently had little effect on business lending so far.

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