By Mark Kleinman, City Editor
Vince Cable is to push for the new boss of Royal Bank of Scotland (RBS) to have his pay more closely-tied to its small business lending amid intensifying debate about its future.
Speaking to Sky News, the Business Secretary said he was also considering the case for reinstigating formal lending targets for the state-backed bank for the first time since 2010.
"I am keen for RBS to have very clear incentives and targets to increase lending to the real economy and SMEs [small and medium-sized enterprises]," Mr Cable said.
By singling out RBS, his remarks will raise the prospect of the bank remaining in majority public ownership for some time, dashing any expectations that the Government will begin to sell its 82% shareholding in the near future.
Mr Cable said the departure of Stephen Hester as RBS's chief executive later this year provided an opportunity to negotiate a new deal with his successor that emphasised RBS's role in supporting the UK economy.
His comments come on the same day that a panel of MPs and Peers published a report recommending that the Government explore the possibility of breaking RBS into separate good and bad banks.
George Osborne, the Chancellor, will accept the recommendation on Wednesday in his annual Mansion House speech, placing him on a collision course with leading institutional investors in RBS.
A return to formal lending targets for RBS would spark renewed allegations of excessive state interference in the running of the bank.
RBS and Lloyds Banking Group, which is 40%-owned by taxpayers, were forced to agree lending targets with the then Labour government during the two years after they were rescued by taxpayers in 2008.
However, the targets were seen as meaningless because of the way that lending was calculated and the absence of sanctions against the banks when they failed to hit them.
In 2011, the major banks struck a wider agreement with the Coalition - known as Project Merlin - that imposed targets on overall business and SME lending, pay and tax.
Initiated at the behest of then-Barclays chief executive John Varley, the deal was seen as problematic for banks and politicians and was quietly abandoned after a year.
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