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Barclays reported to be borrower of BoE £314m emergency loan

Reports suggest Barclays Bank was the recipient of the £314m emergency loan from the Bank of England made on Monday through its standing lending facility.

But it is understood the loan was not related to liquidity issues associated with the recent credit crunch following the US sub-prime crisis but rather to square the bank’s accounts at the end of the day.

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.


Insight to merge three funds into two

Insight Investment is proposing several fund mergers, subject to regulatory approval. The Insight Investment US portfolio and the Insight Investment global dynamic managed fund into the diversified dynamic return fund. It will also merge its Insight Investment UK equity income portfolio into its diversified high income fund.Both the diversified dynamic return fund and diversified high […]

Lehman Brothers says it’s committed to UK mortgage market

Lehman Brothers says it remains committed to its UK mortgage operations following the news that it will shut its US sub-prime mortgage subsidiary BNC Mortgage.The investment bank owns SMPL, Preferred and London Mortgage Company in the UK.Lehman Brothers announced today that it would be closing down BNC Mortgage, cutting 1,200 jobs across 23 US locations.A […]


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