U.K. banks seek emergency loans from Bank of England

03/18/2008 | Times (London) (subscription required), The

British retail banks sought more than £23 billion in emergency loans from the Bank of England on Monday amid fear that the global credit crisis is worsening. Shares in U.K. banks plunged, causing the FTSE 100 index to close at a 2 1/2-year low. JPMorgan's cut-rate rescue of Bear Stearns -- an attempt to ease fear in the markets -- triggered the sell-off.

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