Tuesday, August 21, 2007

The credit crisis inched closer to the heart of the British financial system yesterday as HBOS, the banking group, disclosed that it was bailing out a vast in-house fund that has been struggling to finance itself.

HBOS bails out own fund as effect of credit crisis spreads

Sources described Barclays’s use of the Bank’s emergency facility, which is priced at a punitive 1 per cent above base rate, as an operational issue and not related to fears over liquidity. It is the first time that the facility has been used since the credit market soured.

Posted by chris :-)) @ 10:43 PM (438 views)
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