singular_me
6th March 2015, 04:07 AM
uneasy investigation, still clogged in secrecy
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5 March 2015
https://www.youtube.com/watch?v=1an51555rOI
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SFO launches investigation into Bank of England liquidity auctions
The Bank of England is facing an unprecedented criminal investigation by the Serious Fraud Office over emergency lending measures it took at the height of the credit crisis to inject cash into financial markets.
In late 2007 and early 2008, as the authorities struggled to prevent financial markets from freezing up, banks were invited to bid to borrow funds from the Bank of England in exchange for collateral in a series of so-called “auctions”.
It is the conduct of these liquidity auctions that is now being investigated by the SFO, which confirmed it has opened an official investigation. In a statement, the SFO said it was “investigating material referred to it by the Bank of England concerning liquidity auctions during the financial crisis in 2007 and 2008”.
In response, Threadneedle Street said: “The Bank can now confirm that it commissioned Lord Grabiner QC to conduct an independent inquiry into liquidity auctions during the financial crisis in 2007 and 2008. Following the conclusion of that initial inquiry, the BoE referred the matter to the SFO on 20 November 2014.”
more: http://www.theguardian.com/business/2015/mar/04/sfo-launches-investigation-into-bank-of-england-liqudity-auctions
and
http://www.bbc.com/news/uk-31745078
http://www.dailymail.co.uk/news/article-2980329/Did-City-crisis-cause-Bank-England-break-law-Bank-face-criminal-investigation-propped-lenders-start-credit-crunch.html
----------------
5 March 2015
https://www.youtube.com/watch?v=1an51555rOI
----------------
SFO launches investigation into Bank of England liquidity auctions
The Bank of England is facing an unprecedented criminal investigation by the Serious Fraud Office over emergency lending measures it took at the height of the credit crisis to inject cash into financial markets.
In late 2007 and early 2008, as the authorities struggled to prevent financial markets from freezing up, banks were invited to bid to borrow funds from the Bank of England in exchange for collateral in a series of so-called “auctions”.
It is the conduct of these liquidity auctions that is now being investigated by the SFO, which confirmed it has opened an official investigation. In a statement, the SFO said it was “investigating material referred to it by the Bank of England concerning liquidity auctions during the financial crisis in 2007 and 2008”.
In response, Threadneedle Street said: “The Bank can now confirm that it commissioned Lord Grabiner QC to conduct an independent inquiry into liquidity auctions during the financial crisis in 2007 and 2008. Following the conclusion of that initial inquiry, the BoE referred the matter to the SFO on 20 November 2014.”
more: http://www.theguardian.com/business/2015/mar/04/sfo-launches-investigation-into-bank-of-england-liqudity-auctions
and
http://www.bbc.com/news/uk-31745078
http://www.dailymail.co.uk/news/article-2980329/Did-City-crisis-cause-Bank-England-break-law-Bank-face-criminal-investigation-propped-lenders-start-credit-crunch.html