Banks will have questions to answer

The banking system has gone through considerable upheaval since the credit crunch hit last August - and there is more to come.

21st June, 2008

The banking system has gone through considerable upheaval since the credit crunch hit last August - and there is more to come.

Money markets, while showing signs of some improvement, have not yet returned to anything like normality. With bank balance sheets under considerable pressure and money expensive to raise, banks are being forced to rein in lending.

There is no doubt that the sharp drop in lending growth in recent months is due not...

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