The facility hasn’t been used in the UK since the financial pains at the onset of the pandemic exactly three years ago. This is not as dramatic a move as, for example, the Bank of England had to deploy after the mini-budget last autumn. But it is a clear sign that, although the past week has been dominated by specific issues in identifiable banks, the fall of a former giant such as Credit Suisse might be enough to ignite a more general concern.
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