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Bank’s King says two banks almost collapsed last Oct

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Thursday, Sept 24th, 2009

Two major banks got within hours of a liquidity shortfall last October as the financial system teetered on the brink of collapse, according to Bank of England Governor Mervyn King.

In a programme to be broadcast by BBC Television later on Thursday, King describes how strains in the money markets came to a head on October 6 and October 7 last year.

“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 even for those two banks really to be confident they could get to the end of the day,” King said, according to extracts released by the BBC.

The two banks were HBOS and RBS , the BBC said.

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This article was posted: Thursday, September 24, 2009 at 3:52 am

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