Credit crisis past its worst, claims Bank of England

The Bank of England's latest Financial Stability Report came as a welcome respite for battered financial market participants when it stated that the scale of losses from the subprime crisis may be half the level currently estimated by the market.

The report, entitled Confidence is Key for Financial Markets, also pointed to the proliferation of cheap mortgage-backed assets in the market as "the pricing of risk in credit markets seems to have swung from being unsustainably low last summer to being

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