The Bank of England has given a loan of £314m to an unidentified party via its standing lending facility it was announced today.
This is the first time the facility has been used by an organisation since the beginning of the current credit crisis. The borrowing institution will have to pay a penalty rate of 6.75%. Recent problems in debt markets have caused a number of mortgage lenders to withhold products due to a lack of funding. If you would like to comment on this story, contact: John Bakie Tel: 020 7034 2682 e-mail: [email protected] IFAonline
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