Barclays is the mystery institution the Bank of England loaned £314m to on Monday, it has been reported.
It is believed Barclays used the standing lending facility, which incurs a 6.75% penalty rate, to square its accounts at the day’s end.
This is the first time the facility has been used by an organisation since the beginning of the current credit crisis.
Reports suggest Barclays looked to HSBC for the loan, but was unable to complete the transaction before deadline.
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