Following discussions with the UK Government, Barclays, HSBC, Lloyds Banking Group, RBS and Santander have today agreed to work in partnership to support the UK economic recovery.
Barclays Chief Executive Bob Diamond said: "The UK has been our home for 320 years, and we are committed to play our part in enabling and supporting the recovery of the British economy. The plans set out in this announcement demonstrate our commitment to doing that, as well as the Government's commitment to provide an environment where we can do so.
It provides the basis for us all to pull together - the government, the financial services industry, and the private sector - around our common goal of bringing economic recovery and job creation to the UK, while ensuring that the UK leading industry and the City of London can look to the future with confidence.
"I pay tribute to the efforts of John Varley, who started the process, and of the Chancellor and the Business Secretary for having the vision and courage to seize the opportunity that it presented. Now we all have the responsibility to deliver. "