Bank Of England’s Money Management On The Never Never
by Anorak | 3rd, October 2008
The Governor of the Bank of England, Mervyn King, said today that:
“In these extraordinary market conditions, the Bank of England will take all actions necessary to ensure that the banking system has access to sufficient liquidity”
Translated into English, that means that the Bank of England relaxed borrowing rules for financial institutions, and will accept as collateral stuff which it has previously refused to touch with a barge pole.
There were, of course, good reasons why they previously refused to touch it with a barge pole, but we’ll worry about that later.
It’s crisis management on the never never…
– Chenier
Posted: 3rd, October 2008 | In: Reviews Comment | TrackBack | Permalink
