BIS warns of collapse in global lending

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/3685332/BIS-warns-of-collapse-in-global-lending.html

The City of London has suffered a dramatic collapse in its core business as global lending falls at the steepest rate since records began, according to new figures from the Bank for International Settlements (BIS).

By Ambrose Evans-Pritchard
Last Updated: 8:53AM GMT 09 Dec 2008

Cross-border loans worldwide fell by $1.1 trillion (£740bn) in the first half of the year, reflecting the scramble by the financial industry to cut leverage by pulling credit lines and slashing risky exposure.

Foreign lending by UK banks fell by a staggering $884bn, equal to 81pc of the entire contraction in international lending.

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This entry was posted on Wednesday, December 10th, 2008 at 11:08 am and is filed under Archived. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “BIS warns of collapse in global lending”

Dr Jay Veeoh Says:
February 25th, 2009 at 1:41 am
Listening to John Mack of Morgan Stanley talking to Charley Rose,yesterday.Mack comes out as a smart man,however he appears to be ignorant of what he was doing all this time.He explains very well the great value of his co-worker who can make a deal worth 100 million dollars in a couple of days,thereby justifying seemingly exorbitant rewards. Does he however realise that this amounts to “PLAYING WITH MONEY” ? That such behaviour is the result of the switch to fiat money and corresponding incredible asset inflation
starting in the 2nd half of the last century.