Mervyn King has just revaled that we the Taxpayer lent HBOS and RBS over £60bn in October and November of 2008, this was repaid by January 2009.
In an additional statement, the Bank said it had carefully considered the public interest case for disclosure but decided that the assistance should only be revealed "once the Bank considers that the need for secrecy has ceased".
Mervyn King said the Bank was acting in its capacity as the lender of last resort.
RBS has since signed up for the government's Asset Protection Scheme while Lloyds Banking Group - which took over HBOS - has announced plans to raise capital from its shareholders.
In his parliamentary testimony Mr King was also asked whether the UK was at risk of a credit downgrade.
"I don't think there's any immediate risk, but the longer there isn't a credible plan that sets out what action will be taken [on reducing the deficit], the more that is a risk," he replied.
So basically Merv is saying that Brown has no credible plan to deal the the deficit, he is dithering this country to death. For Gods Sake South Africa has come out of recession. Were we not supposed to be the 'best placed' to ride out the recession.
Not that I think that Cameron has got much of a clue, as his previous economic policy was to shadow Labour's spending. But the time has come for Brown to go, we cannot take another six months of this.
Open Thread 24-11-2014 - From the Max Farquar website : This weeks Open Thread. Open Thread 24-11-2014 is an original article by Microdave and first appeared on the website : Ma...
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