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BoE s Bailey: rise in market rates consistent with better outlook

BoE s Bailey: rise in market rates consistent with better outlook
zawya.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zawya.com Daily Mail and Mail on Sunday newspapers.

Bank boss helped to design debt scheme in RBS scandal

Bank of England Governor Andrew Bailey helped design a controversial financial crisis debt scheme that ultimately led to thousands of small businesses being crippled in a major City scandal, The Mail on Sunday can reveal.  Documents uncovered in a Freedom of Information request show that in 2009 Bailey – the Bank s chief cashier at the time – worked on the design of the Government s so-called Asset Protection Scheme.  This insurance scheme was a vital safety net to protect £280billion of toxic RBS loans that threatened to topple the bank.  But the scheme – along with its controlling body, the Asset Protection Agency – has since been blamed for putting pressure on RBS to aggressively recover the debts from its small business customers. 

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