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Newly knighted Bank of England governor Sir Mervyn King, who chairs the FPC, said there was "no reason to be worried" about UK banks' direct lending to struggling eurozone nations.
"Experience has shown that contagion has spread through financial markets, especially when there is uncertainty about the precise location of exposure," Sir Mervyn said.
He added the committee believed "greater clarity about the extent of these exposures would help limit the transition of problems to UK banks" In response, he said, the FPC was advising that major banks be forced to reveal the extent of their lending to sovereign and banking sectors.
Originally posted by BarmyBilly
WHY the hell was a Bank of England governor knighted?
Originally posted by woodwardjnr
It's all quite confusing, I dont think anyone knows whats going even those in charge. It seems our banks may have lent money to other banks who may have lent money to other banks who may have lent to Greek banks and as such our banks will have some exposure to any defaults I think. I could be totally wrong
Originally posted by roomfor2
reply to post by thoughtsfull
It's coincidental you say that as a similar thought had crossed my mind. Sir Mirv has followed the government line since it kicked off back in '98 but maybe he had enough and was offered an incentive.