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Secondary banking crisis of 1973–75
The Secondary Banking Crisis of 1973–75 was a dramatic crash in property prices in Great Britain which caused dozens of small ("secondary") lending banks to be threatened with bankruptcy.
==Crisis==
These secondary banks, like the larger institutions, had been lending based on the then recently rising housing prices in the late 1960s and early 1970s, and borrowing heavily to hold the loan assets. The rise in housing prices was seen as the last hurrah of the British Post-War boom. A sudden downturn in housing market prices coupled with hikes in interest rates, well before the November 1973 oil crisis, left these smaller institutions holding many loans secured by property with lower value than the loans. The Bank of England, led by Jasper Hollom,〔"Sir Jasper Hollom", ''The Times'', 17 September 2014, p. 54.〕 conducted negotiations that bailed out around thirty of these smaller banks, and intervened to assist some thirty others. While none of these banks were left unable to pay depositors, the Bank of England lost an estimated £100 million.〔 The downturn was exacerbated by the global 1973–1974 stock market crash, which hit the UK when it was already in the midst of the housing price crash.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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