IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-1-349-05286-8_2.html
   My bibliography  Save this book chapter

The Lifeboat Launched

In: The Secondary Banking Crisis, 1973–75

Author

Listed:
  • Margaret Reid

Abstract

Having eventually, in their midnight marathon, cobbled together the £72 m support package for Cedar Holdings, the embattled bankers snatched a few hours’ sleep. But hopes that the developing wider crisis would be damped down by the Cedar rescue quickly proved unjustified. Cedar’s share quotation was duly suspended at the start of stock market dealings on the morning of Thursday 20 December, and the news of the rescue package was announced at about the same time. But the public revelation of the crisis at such a sizeable group sent new shock waves through the City, as the extent of the flight of deposits which had been taking place was realised. Rumours of problems at other fringe banks swept through the financial community and, within two-and-a-half hours of the Stock Exchange’s opening, share of many secondary banks dropped by about a third, wiping millions of pounds off their value.

Suggested Citation

  • Margaret Reid, 1982. "The Lifeboat Launched," Palgrave Macmillan Books, in: The Secondary Banking Crisis, 1973–75, chapter 2, pages 11-19, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05286-8_2
    DOI: 10.1007/978-1-349-05286-8_2
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-1-349-05286-8_2. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.