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Sunday Telegraph understands that Merlin project, this project has been appointed, will produce a final compensation Pact, a blow of clear industry financial services which must now be prepared itself for another round of criticism intense on the size of banks of premiums in the coming months.

Merlin, whose key players included John Varley, Barclays and Sir Philip Hampton, Chairman of the Royal Bank of Scotland, outgoing Director General had been considered by some involved in the project, a chance to produce an agreement to put an end to image persistence of the crisis the industry.

But it is understood that tensions exist – both between those involved in Merlin and those on the margins-what exactly his goals have and if an all-embracing Pact could never have been possible.

The Treasury Board was also cool to the idea of accepting any form of Bank Covenant. It is always looking to the establishment of targets for the Bank loan and an announcement could be imminent.

News of the demise of Merlin, coming after the publication of the Committee of European banking supervisors (CEBS) proposals to curb bonuses and cash in advance of a decision on the Financial Services Authority expected on the issue this week opens the door to a bonus intense round banks finalize to compensation in the end of the year, most of which will be paid to the end of the year or at the beginning of January.

It is likely the pit industry, already weak in estimates of the public against politicians including Vince Cable, the Secretary of the company, which in October, said finance sector was inhabited by "scammers and players".

At the beginning of October, Sunday Telegraph revealed a series of secret meetings held by the British banking industry to try to convince regulators and politicians will step to the UK in an unfavourable situation on the world stage. More detailed discussions but followed by a number of banks headquartered in London, including Standard Chartered chose not step in getting involved.

Some of the largest banks that have operations in us London has little attention to discussions, noting they continue with their compensation policies even though the United Kingdom banks came to form any of the agreement.

The original idea behind Merlin was to find a method to clear the air between bankers and Government following the deadlock reached in the financial crisis and the participation of banks that it.

Was led by Mr Varley I considered by many in the industry as a point, that Barclays was one of the UK high important only two street banks do not require any special crisis assistance.

However, it is understood that Mr. Varley was not interested in what a source called a "large room agreement' and wanted rather to have a good conversation with Government and regulators on the British economy industry need.

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