Bank of England reports on the crisis

The Bank of England has acknowledged that the recent banking crisis has revealed that the UK's financial authorities need to strengthen their crisis management arrangements.

The Bank said: "While it is too early for a full assessment, some lessons are already clear, including the need for improved management of liquidity; more transparency in the composition and valuation of structured products and banks' exposures to off balance sheet vehicles; and better stress testing and contingency planni

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