Wednesday, November 21, 2007

last week, though credit markets have deteriorated dramatically since

Worse to come, warns Bank chief

The Bank of England deputy governor has warned that money markets may be set for an even bigger squeeze before the end of the year, as wholesale borrowing rates soared yet higher.Sir John Gieve, the Bank's deputy governor for financial stability, told a hedge fund conference that "there still may be more bad news to come".His words echo those of the Governor, Mervyn King, The three-month London interbank offered rate for sterling, known as BBA Libor, rose to a two-month high of 6.49pc, indicating that banks are unwilling or unable to lend to each other.

Posted by chris @ 03:06 AM (446 views)
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