I noted in yesterday's blog about the Financial Stability Report from the Bank of England that they say UK banks ramped up lending to £700 billion ($1.1 trillion) over deposits between 2001 and 2008, but failed to mention that they estimate total losses in the credit crisis to be $2.8 trillion.
That's a lot more than the $350 billion the OECD estimated for the subprime crisis back in April 2008 (just six months ago!) and double the value the Bank estimated just six months ago.
The report is well worth a read.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
