UK banks are set to miss targets for the amount of lending to small and medium-sized (SMEs) companies.

Figures from the Bank of England show that in the first quarter of 2011, the "big five" loaned a total £16.8bn to SMEs.

Under a deal called Project Merlin, the banks agreed with the government to raise lending to SMEs to £76bn in 2011 - which equates to £19bn a quarter.