Would secrecy have stabilised the U.S. economy last fall?
The Bank of England kept secret the figures of a loan it gave to U.K. banks in 2008, for fear of causing further “systemic disturbance.” Judging that danger had passed, the Bank revealed today that the loan peaked on Oct. 17, 2008, at £62 billion to RBS and HBOS.
Notably, however, that figure is not much higher than what The New York Times estimated — £50 billion — in their coverage last year.
A statement from the Bank is embedded below:
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