The Rock feared that there would be demands for huge repayment of loans it has received from financial institutions, when they fall due on December 31 and January 1.
And there is a risk of further lumpy demands for cash from lenders and depositors in the coming weeks.
So today the Treasury has provided reassurance to those wholesale lenders, by saying that they will not suffer losses if they leave their cash in place.
It means that most of the Rock's balance sheet is now covered by government guarantees.
In a technical sense, it means that the gross exposure of the taxpayer is more than 100bn.
Or to put it another way, the public sector is now directly or indirectly funding all of the Rock's mortgage lending. more
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