King warns against repeat of 1930s

AOL Money Staff
Mervyn King
Mervyn King

Bank of England governor Sir Mervyn King has warned that lenders would have to suffer further losses and writedowns if normal banking services are ever to return.


Addressing the South Wales Chamber of Commerce, Sir Mervyn warned against repeating the mistakes of the 1930s, when for too long banks and other financial firms deluded themselves into thinking debts could be repaid.
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