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Appraisal and Conclusions

In: The Secondary Banking Crisis, 1973–75

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  • Margaret Reid

Abstract

The Bank of England put aside a remarkable total of about £100 m for the possible cost to itself of the whole rescue strategy, while the clearing banks may still face a bill of up to perhaps £50 m, also already provided for in their accounts, for their own participation in the Lifeboat operation. These possible losses —as distinct from the much larger support lending, which was mostly ultimately repaid — show the magnitude of the burden the support operations may involve for those who conducted them. The fact that the central bank, a state-owned body, accepted responsibility for potential losses of such a scale, with a resultant drop in its payments to the nation’s Exchequer, alone makes the measures taken to deal with the secondary bank crisis a matter of major public interest.

Suggested Citation

  • Margaret Reid, 1982. "Appraisal and Conclusions," Palgrave Macmillan Books, in: The Secondary Banking Crisis, 1973–75, chapter 14, pages 190-200, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05286-8_14
    DOI: 10.1007/978-1-349-05286-8_14
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