Thursday, Jul 01, 2010
Some interesting (and very large) numbers involved here...
BBC Robert Peston 'blog: The risks of forcing banks off welfare
"UK banks face a deadline of the end of 2012 to repay £165bn ... under the Special Liquidity Scheme. And over the same timescale, British banks will have to find £120bn to pay back debt that has been guaranteed ... under the Credit Guarantee Scheme... as bad luck would have it, this schedule for repaying the Bank of England and the Treasury coincides with a spike in repayments on other substantial debts of British banks, in the form of bonds and residential mortgage-backed securities. What this means, according to the Bank of England, is that banks need to refinance or replace up to £800bn of term funding over the coming 30 months... what's required is 66% more debt issuance per month on average by banks than actually took place during the boom years of 2001-7"
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