Wave suspends new lending

Merrill Lynch has confirmed that its UK subsidiary Wave is temporarily suspending new lending.

A spokesman for Merrill says: “We are temporarily suspending new lending as a result of little sign of recovery in the securitisation and whole loans markets.”

The lender says this will involve “restructuring” but would not confirm suggestions that around 90 staff will be made redundant.

Merrill refused to comment on the future of its other UK lender Mortgages PLC.