Crosby report 'faces delay'
The release of the Crosby report into the state of the UK mortgage market is to be put back while the impact of September's problems in the UK banking sector is assessed, it has been reported.
Instead of being sent to chancellor Alistair Darling on Tuesday, the document and its recommendations will not be released until the week beginning October 13th, the Times reports.
According to Treasury sources referred to in the paper, the extra time will be used to enable Sir James Crosby to consider the implications of events such as the takeover of HBOS by Lloyds TSB and the nationalisation of Bradford & Bingley.
Recommendations the report may make could include the extension of the Bank of England's special liquidity scheme or a new liquidity scheme.
However, the delay in the report may put back the implementation of such a plan, slowing any mortgage market recovery and providing a further reason for those in London to seek to rent rather than try to get a mortgage.
Possible further confusion could result from a European Commission investigation into the Bradford & Bingley takeover.
A source close to the deal has said the Commission may probe it on the grounds that it could break European Union rules over the permitted level of state subsidies, CNN Money reports.
Published 30th September, 2008
© 2008 Estates IT Limited
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The release of the Crosby report into the state of the UK mortgage market is to be put back while the impact of September's problems in the UK banking sector is assessed, it has been reported.