BIS reports steep decline in global lending

The Bank for International Settlements reported that global lending has dropped at its steepest rate since records started being kept. Worldwide, cross-border loans plunged $1.1 trillion in the first six months of 2008, while foreign lending by British banks fell $884 billion. The decline reflects the financial industry's attempt to quickly reduce leverage and exposure to risky investments.

View Full Article in:

Telegraph (London) (tiered subscription model), The

Published in Brief: