Although it was just weeks before the company was forced to apply to for liquidation, Santander's decision to terminate this facility has featured on the long and varied list of factors Carillion's directors have attempted to blame for its demise. In the letter published today Santander describes the series of events which "undermined Santander's confidence in Carillion's financial position", including "lack of progress with the restructuring plan" that Santander had provided new bridging finance for, and the expected "detailed business and restructuring plans" being further delayed. The bank's "outstanding exposure to Carillion in relation to the invoices purchased from suppliers under the programme is £91 million"—this amount is "separate from Santander's committed exposures to Carillion for which we have taken significant additional bad debt provisions."