Case for covert special liquidity support opaque

Michael Foot, a former executive director for supervision at the Bank of England, weighs up the pros and cons of allowing the Bank of England to lend in secret.

The Financial Services Authority (FSA) on Monday published proposals that would allow an issuer of financial instruments to hold back temporarily from disclosing to the market the fact that it had obtained special liquidity support from the Bank of England.

A European Union law, the Market Abuse Directive, now prohibits - in the eyes of

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