Qualified advisers answering your
Financial Questions
call 0800 092 1245

HSBC head delivers assessment of credit crunch

The current financial crisis is the worst since the stock market crash of 1929, the head of HSBC has claimed.Speaking to business leaders, Stephen Green said that the credit crunch was the most complex crisis in history.Mr Green also had praise for the government's bank recapitalisation plan, in which HSBC did not take part.RBS, HBOS and Lloyds TSB are to receive around £37 billion in the form of equity share purchases, made with public money.This will, it is hoped, bolster confidence in the struggling institutions.Mr Green said: "The government stepped in to resuscitate a number of banks and financial institutions to become part owners of last resort. A decision that I'm sure was as unpalatable to the government as it was to the private sector, it was nevertheless the right one."He added: "Banks became overgeared [ie, owed too much] and too dependent on wholesale funding… regulators did not pay enough attention to liquidity management in the banks."

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details