'$2.8 Trillion lost worldwide in crisis'

By SiliconIndia   |   Thursday, 30 October 2008, 06:19 Hrs   |    3 Comments
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London: About 1.8 trillion pounds ($2.8 trillion) were lost by world financial institutions in the finance crisis so far, Britain's central bank said here Tuesday in its latest report.

The estimated total loss has reached 1.8 trillion pounds amid the unfolding crisis, the bank said in its biannual Financial Stability Report.

The instability of the global financial system in recent weeks has been the most severe in living memory, said John Gieve, deputy governor of the Bank of England.

"With a global economic downturn underway, the financial system remains under strain ... but it is better placed as a result of the exceptional package of capital, guaranteed funding and liquidity support," said Gieve.

According to the bank report, rescue measures taken by many governments have so far worked well in bolstering confidence in the banking system.

However, the deputy bank governor said a "fundamental re-think of how to manage systemic risk internationally" is needed to ward off future failures.

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