That is according to the British Bankers' Association (BBA), which has insisted that HSBC, Barclays, Lloyds, Santander and the Royal Bank of Scotland are all playing their roles in the scheme.
Project Merlin was set up by the Conservative-Liberal Democrat alliance in association with the biggest financiers in the country in order to stimulate the nation's recovery in the aftermath of the global economic downturn.
Under the terms of the initiative, these lenders committed to provide the capacity for Â£190 billion worth of new loans to firms wanting to grow throughout 2011.
And, a spokesman for the group yesterday (11 November) stated that the fact the banks loaned Â£157.6 billion during the first nine months of the year makes it clear they are "on track" to meet the target figure.
By Asim Shah