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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.

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