HBOS and RBS Secret Bank Loans
Published / Last Updated on 23/11/2009
HBOS and RBS Secret Bank Loans
by Ashley Clark, Director
The Bank of England has today revealed that in addition to funding already publicly offered to the major banks as part of the financial crisis, Royal Bank of Scotland (RBS) and HBOS received an additional £61.6bn in emergency funding loans.
The Bank of England suggested that it was in the public interest to not be made aware of these additional loans and confirmed that the Government had agreed to cover any losses the banks made on the loans.
Needless to say, the news has been received with uproar with many politicians and commentators demanding explanation from both Mervyn King, the Bank of England Governor, Alistair Darling, Chancellor and Gordon Brown, Prime Minister to explain their actions.
We have to say, these number are beyond comprehension for most of us. Ultimately, if a business model is doomed, it is doomed and should not be underpinned by public money.
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