Bank of England reveals secret loans to crisis banks

The Bank of England today revealed it lent Royal Bank of Scotland (RBS) and HBOS £61.6bn (€68.22bn) in a "dire emergency" at the height of the financial crisis.

In its submission to the Treasury Select Committee the Bank said it stepped in as a lender of last resort just weeks after the collapse of Lehman Brothers to buy time until the British government could take action.