HBOS and RBS received secret bank rescue loans

The bank of England has just revealed that it lent RBS AND HBOS £61.6 billion in autumn 2008.Bank governor Mervyn King stated that the money was repaid in full in Jan 2009.In his parliamentary testimony Mr King was also asked whether the UK was at risk of a credit downgrade. "I don't think there's any immediate risk, but the longer there isn't a credible plan that sets out what action will be taken [on reducing the deficit], the more that is a risk," he replied.