BoE could act as lender-of-last-resort for Scottish banks
Bail-out might be driven by economic need rather than legal requirement
The Bank of England (BoE) could remain the lender-of-last-resort for Scottish banks should the country secede from the UK, but retain the pound outside a formal monetary union, governor Mark Carney has said.
The BoE has the discretion to lend to foreign entities, but it "doesn't have to", Carney told a parliamentary committee today, suggesting the issue would have to be resolved as the situation arose citing parallels to the European Union's ad-hoc response during the euro crisis.
"There's no
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