Bank lent £61.6bn to RBS and HBOS

Nov 24 2009

The Bank of England has revealed it lent Royal Bank of Scotland (RBS) and HBOS £61.6 billion in a "dire emergency" at the height of the financial crisis.

In its submission to the Treasury Select Committee, the Bank said it stepped in as a lender of last resort just weeks after the collapse of Lehman Brothers to buy time until the Government could take action.

The Bank kept the loans secret until now, when it judged that the danger of collapse had passed and there were no further consequences for the financial system.