Secret Loans – £62billion in secret loans to two banks
TWO banks were kept alive last year by a staggering £62BILLION in secret loans, it emerged yesterday.
A political storm erupted after the Bank of England said it was now “safe” to reveal the huge amount it paid out.
Royal Bank of Scotland borrowed £36.6BILLION between October and November and Halifax Bank of Scotland (HBOS) £25.4BILLION. The total is almost TWICE Britain’s defence budget and more than the £49billion spent on schools.
The banks, which were on the brink of collapse, have since paid the money back.
But MPs demanded an explanation from Chancellor Alistair Darling. At the time he agreed to underwrite any losses with taxpayers’ cash. Lib Dem Vince Cable said: “It is astonishing that this was kept secret for a year.
source here.
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