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The Guardian - UK
The Guardian - UK
Business
Heather Stewart and Graeme Wearden

Bank of England chief warns of ‘worrying echoes’ of 2008 financial crisis

Bank of England Andrew Bailey United States First Brands Tricolor
a ray of sunlight bursts through a moody sky over the Bank of England building
The Bank of England governor said the complex nature of some of the financial engineering in use in the private credit markets gave cause for concern. Photograph: Maxian/Getty Images/iStockphoto

The governor of the Bank of England, Andrew Bailey, has warned recent events in US private credit markets have worrying echoes of the sub-prime mortgage crisis that kicked off the global financial crash of 2008.

Appearing before a House of Lords committee, the governor said it was important to have the “drains up” and analyse the collapse of two leveraged US firms, First Brands and Tricolor, in case they were not isolated events but “the canary in the coalmine”.

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