"The banks have put a number of proposals on the table. The government affirmed its desire to see a strong, responsibly and internationally competitive financial sector. The dialogue was constructive," a spokesperson added.
"These proposals will be the subject of further discussions over the Christmas period with the aim of building a sustainable, co-operative relationship between the lenders and government in 2011 in support of the economic recovery."
While Cable had raised the idea over the weekend that new taxes could be imposed on banks if they did not start lending more to business Osborne appeared to step back from this in parliament today.
Osborne told MPs that the £2.5bn a year bank levy on balance sheets showed the government was serious about tackling banks.
"What we've demonstrated in the last couple of weeks is we are prepared to increase the rate of the bank levy in order to sustain the revenue," he told parliament.
The bonus round has been particularly fraught since the bailout of the banks in 2008.
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