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British Banks Bail Out
tonytsdiver
Posts: 64 Forumite
From the blog of Mr Peston dated 3 Oct 2008
There were reports from dealing floors this morning that a big British bank was having difficulty renewing credit lines, which took it too close-for-comfort to the brink. And the market for commercial paper - which are securities issued by companies to provide short term funds - has been contracting in an alarming way, putting further pressure on all banks' balance sheets.
So the Bank of England has announced important steps to make it easier for banks to borrow from it.
Do we know which bank this was ?
There were reports from dealing floors this morning that a big British bank was having difficulty renewing credit lines, which took it too close-for-comfort to the brink. And the market for commercial paper - which are securities issued by companies to provide short term funds - has been contracting in an alarming way, putting further pressure on all banks' balance sheets.
So the Bank of England has announced important steps to make it easier for banks to borrow from it.
Do we know which bank this was ?
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Comments
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I don't but the best guess would have to be RBS.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
Peston indicates that it was HBOS.
.And the Bank of England's succour is particularly important for HBOS, which was identified by investors as having the greatest difficult raising vital finance.
HBOS can now be confident that it will be able to raise the cash it needs - which means that today's action by the Bank of England can perhaps be seen in part as a bridging loan to it, till its rescue takeover by Lloyds TSB is safely completed0 -
HBOS? No wonder they are rolling out so many high rated accounts since last week. With the newly increased £50K guarantee, good time for savers. :beer:Vodafone sucks. :mad:0
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Peston has done an update this afternoon saying that it was not HBOS. So my money's still on RBS (not literally I'm, pleased to say).No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
The Bank of England is to broaden the range of collateral it will accept from High Street banks in return for loans.
http://newsvote.bbc.co.uk/1/hi/business/7650550.stm
The Bank now will offer :
£200 for Mayfair
£175 for ParkLane
£160 for the Green Streets
£140 for the Yellow Streets
£120 for the Red Streets
You can get more if you have little Green Houses or Red Hotels
The Orange, Purple, Blue and Brown Streets will be accepted when the system get's into REAL trouble !!!!'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
Is it just me, or is Peston starting to milk the crunch as his career break?
His name is starting to appear on a few too many threads on here....Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
Yes, Peston must be the Patron saint of doomsters by now0
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Paul_Herring wrote: »Is it just me, or is Peston starting to milk the crunch as his career break?
His name is starting to appear on a few too many threads on here....
He seems to be the government's unofficial press spokesman.0 -
I'm sick to the back teeth of hearing his name.Target Cash Net Worth: £25K by January 2012
Progress May-08 19.0%; May-09 40.0%; May-10 63.0%; May-11 58.4%; Jun-11 58.5%; Jul-11 58.9%; Aug-11 58.7%; Sep-11 59.0%
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Who ???.LucyTheDwarf wrote: »I'm sick to the back teeth of hearing his name.
Liquidity is when you look at your investment portfolio and **** your pants0
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