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But for the most part, this willingness to lend targeted large borrowers.
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The French and British governments forced lending targets on their banks as a condition for recapitalization.
Forcing banks to sign up to lending targets for small-business customers is little use.
Fees were paid to the bank for the loans they arranged, and bankers' bonuses were tied to lending targets.
The UK's top banks are on course to miss Project Merlin lending targets for small businesses, according to figures revealed by the Bank of England on Monday.
Standard Chartered has pulled out, while Santander of Spain is expected to commit independently to lending targets for its Abbey, Alliance & Leicester and Bradford & Bingley arms.
In February, Osborne stated that the pay of bank chief executives would be linked to performance against lending targets to small- and medium-sized businesses.
To have the desired effect, QE should have been accompanied not only by official efforts to restore impaired lending channels (especially those directed at small- and medium-size enterprises), but also by specific lending targets for banks.
It expressed concern that some of the conditions attached to the government bailout - such as directors' pay and lending targets - may have discouraged some banks from applying for support.
Behind the scenes they are also working together to come up with other ways to head off lending targets and attacks on bonuses by politicians, by offering to invest billions into David Cameron's "big society bank" to fund community projects.
A growing percentage of big-company treasurers surveyed by Deloitte, an accounting firm, are now finding bank financing at least as attractive as issuing bonds or equity.RBS is trying hard to meet its agreed lending target, says a spokesman.
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