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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.

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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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