RBS/HBOS Were Within Hours Of Collapse - King
In what promises to be a remarkably candid hide behind the settee horror show on BBC2 tonight, BoE Governor Mervyn King apparently reveals that last October, at the height of the banking crisis, RBS and HBOS were in danger of imminent collapse.
"Two of our major banks, which had had difficulty in obtaining funding, could raise money only for one week, then only for one day, and then on that Monday and Tuesday it was not possible for those two banks really to be confident they could get to the end of the day," King reportedly says.
Having revealed to the Daily Telegraph this morning that he views the pound's demise against the euro as 'helpful' Merv single-handedly seems to have rekindled a bit of a run on the pound today. The euro is up to 91.2 pence and climbing.
"Two of our major banks, which had had difficulty in obtaining funding, could raise money only for one week, then only for one day, and then on that Monday and Tuesday it was not possible for those two banks really to be confident they could get to the end of the day," King reportedly says.
Having revealed to the Daily Telegraph this morning that he views the pound's demise against the euro as 'helpful' Merv single-handedly seems to have rekindled a bit of a run on the pound today. The euro is up to 91.2 pence and climbing.
