Bank of England (BoE)
Mini-crises stretch ahead: UK economist
Instead of a sharp but swift adjustment, the prospect now is for a series of mini-crises stretching for years ahead, says the City economist Stephen Lewis in his commentary on the latest developments in the UK banking crisis.
Bank of England issues auction information
The Bank of England published on Friday details of its forthcoming term auctions.
King's paper on current turmoil
The governor of the Bank of England, Mervyn King, presented a 10-page paper on the recent market turmoil and the Bank's response, to the British parliament's Treasury Committee prior to his testimony on 20 September.
Embattled King blames legislation for reticence
Mervyn King, the governor of the Bank of England, says the central bank is "hemmed in" by legislation, which "made it almost impossible for us to act as a lender of last resort in the way that I would prefer."
Bank of England bails out Northern Rock
The governor of the Bank of England, Mervyn King, is coming under increasing criticism over his handling of the crisis.
Bank funding for buyer of Northern Rock?
The Bank of England's emergency facility to Northern Rock will still be available to any buyer of the ailing bank, it was confirmed today.
Launch the lifeboats? Not likely!
The closest parallel to the rescue of Northern Rock is the secondary banking crisis which erupted at the end of 1973 and which brought down a whole string of so-called "secondary" banks. That financial crisis, like this one, was preceded by a long period…
Bank of England moves to aid mortgage lender
The Bank of England said on Friday that it would provide a liquidity support facility for Northern Rock, a UK mortgage lender.
King and Reddy to speak on India
Mervyn King, the governor of the Bank of England, and Y.V. Reddy, the governor of the Reserve Bank of India, will discuss the future of the Indian economy in an event at the London School of Economics on 15 October.
Bank of England injects £4.4 billion extra
The Bank of England loaned £4.4 billion ($8.9 billion) more than the forecast reserves target on Thursday after promising to do so last week if overnight lending rates remained high.
King refuses to aid markets
Mervyn King, the governor of the Bank of England, said on Wednesday that he believed providing additional liquidity against a wider range of collateral and over longer periods "sows the seeds of a future financial crisis".
BoE holds rates, aids markets
The Bank of England voted on Thursday to keep the base rate at 5.75% after offering the previous day to inject extra funds into the money markets next week if liquidity problems persist.
Credit crunch has "sown seeds of downturn"
Jon Moulton, a well-known private equity investor, said that the credit crunch had " sown the seeds of a major downturn," the Financial Times reported.
Cost of UK borrowing hits ten-year high
Banks borrowing sterling over a three-month period yesterday found the cost at a near-ten-year high as the major UK financial institutions sought medium-term funding to help them survive the financial volatility in the credit markets.
Barclays revealed as BofE borrower
Barclays, a commercial bank, said Thursday that it was the bank that borrowed £1.6 billion ($3.2 billion) from the Bank of England's standing facility.
BofE lends £1.6 billion from standing facility
The Bank of England said that a commercial bank borrowed £1.6 billion on Wednesday through the Bank's standing facility, which charges 100 basis points more than the base rate.
Bank of England joins the fray with emergency loan
In what represents its first unusual market intervention during the current spell of market volatility, the Bank of England lent £314 million ($622 million) today to an unnamed financial institution through its standing facility.
BoE's MPC all agreed to hold rates
Minutes of this month's meeting at the Bank of England revealed all nine members of the monetary policy committee were in favour of this month's rate hold.
Useful statement from Jean-Claude Trichet
CentralbankNews.com is pleased to see the ECB making constructive use of its website in the current crisis. On Tuesday August 14 its home page featured prominently a statement by Jean-Claude Trichet, the president, about the current financial market…
ECB injects a further €47.7 billion
After adding €155.9 billion ($212 billion) to money markets late last week, European Central Bank (ECB) lent heavily again on Monday.
BoE inflation report suggests rate hike
The Bank of England looks set to raise rates to 6%, after its August inflation report, released on 8 August, indicated that further hikes were needed to bring inflation down towards the 2% target.
Bank of England leaves rates unchanged
The Bank of England today announced that it would leave its benchmark interest rate at 5.75%. The decision to hold rates steady was widely expected, though most economists expect rates to rise to 6% before the end of this year.
Gieve warns of losing inflation battle
John Gieve, a deputy governor at the Bank of England, has warned that the Monetary Policy Committee (MPC) could lose the battle against inflation if it took a more gradual approach to raising interest rates.
BoE minutes show rate rise split
The Bank of England's Monetary Policy Committee (MPC) voted 6 to 3 to raise interest rates this month, according to the minutes of the July meeting published today. Kate Barker and Paul Tucker voted with the governor, Mervyn King, in favour of a rise of…