Socialist Worker

Figure it out

Issue No. 2113

  • $90bn – amount injected into the money markets by the US Federal Reserve and the European Central Bank on 9 August last year as interbank lending dries up – signalling the start of the “credit crunch”
  • £314m – funds borrowed at a penalty rate by Barclays Bank from the Bank of England on 21 August last year. Barclays borrowed a further £1.6 billion just nine days later
  • $47bn – money pumped into the banking system by the Federal Reserve in November as the crunch bites
  • £100bn – the amount added to the national debt when stricken bank Northern Rock was brought into public ownership in February this year
  • 9,152 – number of people who had their homes reposessed in the first three months of this year – a rise of 41 percent on the same period in the previous year
  • $10 – price per share for US investment bank Bear Stearns when it was bought by rival JP Morgan in May this year. The shares had been worth around ten times as much before the crisis in US mortgage markets
  • 2.0% – interest charged by the Federal Reserve after the central bank cut its rates by a further 0.25 percentage points in April
  • $19bn – debt writedowns announced by Swiss banking giant UBS in April, bringing its total to $37 billion, the biggest hit of any bank worldwide
  • 4.6% – the inflation rate as measured by the annual rise in the Retail Prices Index (RPI) announced for June this year
  • £585m – losses announced last week by Northern Rock – which is now owned by the government – in the first six months of this year


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News
Tue 5 Aug 2008, 17:37 BST
Issue No. 2113
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