Jan 18, 2018

Banks create funds for firms hit by Carillion collapse

Three banks have said they will provide money to support small business customers who are struggling after the failure of Carillion. Lloyds is creating a £50m fund, while RBS is offering £75m worth of assistance and HSBC £100m. All were among the banks that stopped backing Carillion after the government refused to insure its debts. The government had asked banks for assurances that they would help firms affected by Carillion's collapse. Nationwide building society has said it will take in-house jobs which were performed by Carillion. Business Secretary Greg Clark welcomed the "Quick and positive move" by the banks, which came one day after he had a meeting with them to seek assurances that they would support small firms hit by Carillion's liquidation.

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