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Bank of England makes emergency loan to unidentified firm

The Bank of England says it has made an emergency loan of £314m to a mystery organisation through its standing lending facility.

It is the first time the facility- which allows banks to borrow sums at a penalty rate of 6.75 per cent- has been used since the beginning of the current credit crisis in the financial markets.

The Bank of England’s lending facilities are open to any participants in the market and a spokeswoman says it is not unusual for the facility to be used.

Clydesdale Bank, Allied Irish Bank, Skipton Building Society, Fortis, Co-operative Bank, HBOS, Alliance & Leicester, Abbey, Nationwide, Northern Rock, Bradford & Bingley, Britannia, Credit Suisse and Yorkshire Building Society have all denied the loan was made to them.

Calyon, West LB, Deutsche Bank, Lloyds TSB, and Barclays have all declined to comment.


ETFS focuses on oil

ETF Securities has brought out a range of oil exchange traded commodities on the London Stock Exchange.

Sub script

It looks as though we cannot entirely escape America’s sub-prime woes after all as the ripple effect works its way across the Atlantic. After months of sub-prime troubles in the US, the contagion is now affecting the UK, first, via jitters in the stockmarket and now through sub-prime lenders refusing to provide funding to new […]


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