BIS warns of collapse in global lending
Telegraph
09 Dicembre 2008
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).
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.
The City is facing a double blow since worldwide issuance of bonds and securities has also gone into freefall, plummeting 77pc from over a trillion dollars to $247bn in the third quarter. The City has been the epicentre of Europe's structured credit industry.
The …
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