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ED’S NIB: Mervyn King – an apology

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THE EDITOR wishes to apologise for yesterday’s report quoting Bank of England governor Mervyn King saying that he would not bail out banks that have over-committed to sub-prime debt. The editor now realises that what King really meant was that he WOULD bail out banks, like Northern Rock, that have over-committed to sub-prime debt – moreover, within 24 hours of saying he wouldn’t. Once again, sorry for the confusion.

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