Old Lady could offer covert support under new rule

The British chancellor wants to introduce new rules allowing the Bank of England to give lender-of-last-resort support in secret.

In a consultation document setting out the government's regulatory response to the run on Northern Rock, Alistair Darling, the chancellor, has proposed removing the Bank's requirement to publish weekly returns and other reporting requirements that would disclose operations.

"Recent events have suggested that there may be special circumstances where, if possible, a

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account