Thursday, August 30, 2007

Everyone was Right It Was Barclays

Barclays forced to arrange £1.6bn BoE emergency loan

Apparently 'Barclays said that a technical glitch with the market settlement system forced it to turn to the central bank for funds'.

Posted by enuii @ 09:16 PM (1384 views)
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9 thoughts on “Everyone was Right It Was Barclays

  • That’s an expensive technical glitch.

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  • Technical glitch?

    RUNAWAY! RUNAWAY!

    Well done though – Pimms and Lemonade all round.

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  • How come it didn’t catch any of the other banks out?

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  • Would you know if it did catch any of the banks out?

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  • we

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  • It’s not the first time Barclays have got their sums wrong!

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  • stillthinking says:

    MPC member wheeled out to put the word recession into play, Barclays ‘coincidentally’ needs an emergency loan. BoE issues the rule of secrecy about who gets these loans.
    Since when is this secrecy rule true? Nobody cared last year.
    Barclays competitors would be happy to grass them up I should imagine, whereas the BoE is probably more worried about a stream of people saying “Money back please Barclays.”.
    The money that was paid for the houses in the US -has been paid-. The people who were going to pay it off are -not going to-. The debts were bought by the UK Financial industry. Ergo, somebody is spending money that a UK financial institution is not going to get from the buyer.
    I sincerely hope this is as they say, but I feel that this and a lot of other things I read are pure spin. If the Government can’t keep pay raises in line with inflation, how can they really guarantee bank deposits. Obviously they are concerned sentiment is about to turn.

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  • stillthinking, so true.
    Did you see Gordo on the news tonight, i’ve never seen him do that silly thing he does with his mouth with such agitation. I’m sure he thinks a 1.5% plus 1% pay rise 6mth is good enough for the wardens, especially as his presbyterian principles allow him to accept nothing more himself.

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  • It probably is just a technical glitch, but its a bit suspicious and gives the impression that Barclays is sailing closer to the wind than anyone else regarding liquidity.
    ie No other bank was affected enough to borrow funds, heads rolling in the credit department, rumours about losses on “investment vehicles”

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