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/ 1 May 2008

Credit crunch may be half market estimates

The scale of losses and the economic fallout from the global credit crunch may not be as bad as feared and subprime losses could end up costing less than half market forecasts, the Bank of England said on Thursday. The central bank is still concerned about the consequences of the credit crisis but Deputy Governor John Gieve said conditions could stabilise soon.

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/ 25 April 2008

Minister blames Bank of England for Northern Rock debacle

Germany’s Finance Minister, Peer Steinbrück, blamed the Bank of England on Friday for the collapse of Northern Rock and the loss of 2 000 jobs, savaging the central bank for not pumping enough liquidity into money markets last year. Unlike the central banks of the United States and European Union, the Bank of England failed to support the banking sector with vital loans, Steinbrück said.