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British Banks Were Just 3 Hours From Failing January 28, 2009

Posted by tkcollier in Economy & Business.
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Narrow escape: The Bank of England was forced to contact RBS’s creditors abroad to persuade them not to withdraw their funds. Britain was just three hours away from going bust last year after a secret run on the banks, one of Gordon Brown’s Ministers has revealed.

City Minister Paul Myners disclosed that on Friday, October 10, the country was ‘very close’ to a complete banking collapse after ‘major depositors’ attempted to withdraw their money en masse.

The Mail on Sunday has been told that the Treasury was preparing for the banks to shut their doors to all customers, terminate electronic transfers and even block hole-in-the-wall cash withdrawals. Only frantic behind-the-scenes efforts averted financial meltdown

via Revealed: The day the banks were just three hours from collapse | Mail Online.

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