Bradford & Bingley was tracked for months prior to being nationalised by the Treasury, according to Lord Adair Turner, chairman of the FSA.
In an interview with Channel 4 News last night, Turner revealed the bank was beginning to break its threshold conditions of minimum liquidity. Speaking yesterday, Lord Turner said: “The FSA, along with the Bank of England and the Treasury, have for several months been tracking the situation at Bradford and Bingley.” He says hopes of a private sector rescue for the firm had faded as market turmoil set in over the past fortnight, and any possible private sector solution would not be available rapidly enough to stem the crisis. The Bank’s liquidity threshold, regulations that ensure the ...
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