Protection for the future.

Financial Adviser, April, 2008

Byline: Hal Austin

Phase one is nearing an end

The credit crunch, which has plagued the mortgage and banking sectors since 9 august last year, seems to be on the brink of crossing the Rubicon.

By the time you have read this leader we will have a clearer idea of the proposal by the board of the Royal Bank of Scotland to issue a GBP12bn rights issue and the decision by the Bank of England on Monday to accept mortgage debt as collateral for loans to lenders.

Apart from noting, once again, the speed at which the American Treasury department and the Fed reacted to the sub-prime crisis the other side of the pond - by September they were putting systems in place to resolve, or at least mitigate, the crisis - the obvious wish is that this...

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