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Statement due on secret loans Darling defends secret bank loans
(21 minutes later)
The Chancellor, Alistair Darling, is due to make an emergency statement in the Commons about the Bank of England's secret loans to RBS and HBOS. The Chancellor, Alistair Darling, has defended the Bank of England's secret loans to RBS and HBOS in an emergency statement to parliament.
Mr Darling is expected to defend his view that it was in the public interest not to disclose the loans. Mr Darling said there was no cost to the taxpayer and that it was in the public interest.
A debate had been called for by the Liberal Democrat treasury spokesman Vince Cable.A debate had been called for by the Liberal Democrat treasury spokesman Vince Cable.
It emerged on Tuesday that the two banks were secretly given £61.6bn last autumn to keep them afloat.It emerged on Tuesday that the two banks were secretly given £61.6bn last autumn to keep them afloat.
Both banks had repaid the loans by January 2009.Both banks had repaid the loans by January 2009.
FROM THE TODAY PROGRAMME Listen to the full interviewFROM THE TODAY PROGRAMME Listen to the full interview
Earlier, the government's City minister, Lord Myners, said Lloyds shareholders had been kept fully in the picture about the Bank of England's actions.Earlier, the government's City minister, Lord Myners, said Lloyds shareholders had been kept fully in the picture about the Bank of England's actions.
Lloyds was in the process of buying the struggling HBOS at the time.Lloyds was in the process of buying the struggling HBOS at the time.
Mr Myners denied that the "books were cooked", saying the Bank of England's accounts were audited and showed the impact of the support.Mr Myners denied that the "books were cooked", saying the Bank of England's accounts were audited and showed the impact of the support.
He added that the European Central Bank and the Federal Reserve had also carried out similar covert operations.He added that the European Central Bank and the Federal Reserve had also carried out similar covert operations.